Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date: (i) the date of such Distribution Date and the Determination Date for such Distribution Date; (ii) for each Class, the applicable Record Date and Interest Accrual Period; (iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein; (iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution; (v) 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 and the allocation thereof as between principal and interest; (vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date; (vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date; (viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date; (ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date; (x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date; (xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date; (xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date; (xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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; (xiv) 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; (xv) 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; (xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date; (xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date; (xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount; (xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made; (xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery; (xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date; (xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder; (xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and (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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-8)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 4-CE Distributable Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) with respect to the Shifting Interest Certificates, 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for Loan Group 4, the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(vi) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(vii) with respect to each Shifting Interest Loan Group, the Senior Percentage for each Loan Group, and the Subordinate Percentage for the following Distribution Date, the CB Crossed Loan Group Senior Percentage and the CB Crossed Loan Group Subordinate Percentage for the following Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Shifting Interest Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xv) the Notional Amount for each Class of Interest-Only Certificate for such Distribution Date;
(xvi) the Accrued Certificate Interest in respect of each Class of Group 4 Certificates for such Distribution Date and any related Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xvii) with respect to Loan Group 4, the Cap Carryover Amounts distributed on such Distribution Date, the amounts remaining after giving effect to distributions thereof on such Distribution Date, the amount of all Cap Carryover Amounts covered by withdrawals from the Reserve Account on such Distribution Date;
(xviii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Stated Principal Balance of Loan Group 4;
(xix) the Available Funds;
(xx) for each Loan Group, the aggregate amount of Realized Losses or Applied Realized Loss Amounts, as applicable, incurred during the preceding calendar month and for each Group, any PO Deferred Amounts Group for such Distribution DateDate separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxxi) for each Loan Group, the amount of total RecoveriesBuy-Down Funds, the PO Recovery Recoveries and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andReimbursement Amounts.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a5.06(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a5.06(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a5.06(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a5.06(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon Based on the information provided to set forth in the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the DepositorElectronic File, the Trustee will prepare and make available the Monthly Report substantially in the form of Exhibit N for each Distribution Date to each Certificateholder, the Underwriter and the parties hereto.
(b) Each Monthly Report shall determine set forth the following information with respect to such Distribution Datefollowing:
(i) the date amount of such Distribution Date distribution to Holders of each Class of Certificates allocable to interest, separately identifying any related Unpaid Class Interest Shortfall included in such distribution and the Determination Date for any remaining Unpaid Class Interest Shortfall after giving effect to such Distribution Datedistribution;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distribution to Holders of each Class of Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining related Unpaid Class Unpaid Interest Shortfall or Component Unpaid Interest Principal Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(viiii) the Class Certificate Principal Balance of for each Class of Certificates prior Certificates, after giving effect to the distribution of principal on such Distribution Date; the Class M-1 Principal Balance and the Class M-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date; the Class M-2 Principal Balance and the Class M-2 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date; the Class B-1 Principal Balance and the Class B-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Class A Percentage, Class M-1 Percentage, Class M-2 Percentage and Class B Percentage for each Loan Group, such Distribution Date and the following Distribution Date;
(v) the Pool Stated Principal Balance of the Contracts for such Distribution Date;
(vi) the Pool Factor;
(vii) the number and aggregate principal balances of Contracts delinquent (a) 30-59 days and (b) 60 or more days;
(viii) for each Loan Groupthe number of Manufactured Homes that were repossessed during the month ending immediately prior to such Distribution Date, the Senior Percentage number of repossessed Manufactured Homes that remain in inventory as of the last day of the related Due Period and repossessed Manufactured Homes purchased by the Subordinate Percentage for Seller or a subsidiary of the Seller from the Trust (during the related Due Period and cumulatively) by number of Contracts, aggregate Principal Balance of such Contracts and aggregate purchase price;
(ix) number of Contracts and aggregate Principal Balance of Contracts extended or otherwise amended during the Due Period preceding current Distribution Date and Date.
(x) the Total Senior Percentage and Aggregate Subordinate Percentage Class M-1 Distribution Test;
(xi) the Class M-2 Distribution Test;
(xii) the Class B Distribution Test;
(xiii) the Weighted Average Net Contract Rate of all outstanding Contracts;
(xiv) the Class M-1 Interest Deficiency Amount, if any, for such Distribution Date;
(ixxv) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage M-2 Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) for each Loan Group, the total number and principal balance of any REO Properties (and market valueDeficiency Amount, if available) as of the close of business on the Determination Date preceding any, for such Distribution Date;
(xvi) for each Groupthe Class B-1 Interest Deficiency Amount, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage if any, for such Distribution Date;
(xvii) for each Loan Groupthe Targeted Overcollateralization Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month Overcollateralization Amount, Overcollateralization Deficiency Amount and for each GroupOvercollateralization Release Amount, any PO Deferred Amounts if any, for such Distribution Date;
(xviii) the Class 1-A-1 Notional Additional Principal Distribution Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountto be distributed on such Distribution Date pursuant to Section 8.03(a)(11) or Section 8.03(a)(12);
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateCumulative Realized Losses; and
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Origen Manufactured Housng CNT Sen/Sub as-BCK CRT Sr 2002-A)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Servicers' Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 3-CE Distributable Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) with respect to the Shifting Interest Certificates, 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for Loan Group 3, the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(vi) for each Shifting Interest Loan Group, the Pool Stated Principal Balance for the following Distribution Date and for Loan Group 3, Loan Subgroup 3A and Loan Subgroup 3B, the aggregate Stated Principal Balance of the Group 3 Mortgage Loans, the Subgroup 3A Mortgage Loans and Subgroup 3B Mortgage Loans, as applicable, as of the Due Date in the month of such Distribution Date;
(viiivii) for with respect to each Shifting Interest Loan Group, the Senior Percentage for each Loan Group, and the Subordinate Percentage for such the following Distribution Date and Date, the Total CB Crossed Loan Group Senior Percentage and Aggregate the CB Crossed Loan Group Subordinate Percentage for such the following Distribution Date;
(ixviii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Shifting Interest Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xv) the Accrued Certificate Interest in respect of each Class of Group 3 Certificates for such Distribution Date and any related Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xvi) with respect to Loan Group 3, the Cap Carryover Amounts distributed on such Distribution Date, the amounts remaining after giving effect to distributions thereof on such Distribution Date, the amount of all Cap Carryover Amounts covered by withdrawals from the Reserve Account on such Distribution Date;
(xvii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original aggregate Stated Principal Balance of Loan Group 3;
(xviii) the Available Funds;
(xix) for each Loan Group, the aggregate amount of Realized Losses or Applied Realized Loss Amounts, as applicable, incurred during the preceding calendar month and for each Group, any PO Deferred Amounts Group for such Distribution Date;
(xviii) Date separately identifying any reduction thereof due to the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses allocations of Realized Losses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were madeApplied Realized Loss Amounts;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery Recoveries and the Non-PO Recovery;Reimbursement Amounts; and
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in amount of the Form 10-D relating to distribution made on such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach Holders of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andClass 3-P Certificates.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateServicers' Certificates, shall make available to each Holder of a Certificate, each Rating Agency and the each Servicer a statement setting forth the information set forth in Section 5.04(a5.06(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a5.06(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee shall prepare and furnish make available 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(a5.06(a) for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (a) Prior to based on the information set forth in the Servicer Reports for such Distribution Date in each month, based upon the and information provided to by the Trustee on Swap Provider under the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and Swap Agreement with respect to subsections (xx) payments made pursuant to the Swap Agreement and (xxi) below, after consultation with information provided by the Depositor, the Trustee shall determine the following information Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall make available to each Holder of the Certificates, the Servicer and the Credit Risk Manager, a statement as to the distributions made on such Distribution DateDate setting forth:
(i) the date of such applicable Interest Accrual Periods and general Distribution Date and the Determination Date for such Distribution DateDates;
(ii) for with respect to each Classloan group, the applicable Record Date total cash flows received and Interest Accrual Periodthe general sources thereof;
(iii) for the aggregate Servicing Fee received by the Servicers and Master Servicing Fee received by the Master Servicer during the related Due Period;
(iv) the amount, if any, of other fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees;
(v) with respect to each Grouploan group, the amount of the related distribution to Holders of the Certificates (by class) 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 Liquidation Proceeds (C) any Overcollateralization Increase Amount included therein;
(ivvi) for with respect to each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 thereforloan group, the amount of such distribution to Holders of the shortfall Certificates (by class) allocable to interest and the allocation thereof as between principal and interest;
(vi) portion thereof, if any, provided by the Class Certificate Balance of each Class of Certificates prior to and after giving effect to Swap Agreement in the distribution of principal on such Distribution Dateaggregate;
(vii) for with respect to each Loan Grouploan group, the Pool Stated Principal Balance Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for such Distribution Datethe related Certificates (if any);
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Grouploan group, the number and aggregate principal amounts balance of any Mortgage Loans (Anot including a Liquidated Mortgage Loan as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcyforeclosure) in 30-day increments until foreclosure or other dispositionusing the “OTS” method (1) one scheduled payment is delinquent, (B2) in foreclosuretwo scheduled payments are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans 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 related Due Date;
(xivx) for each Loan Group, with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close end of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofrelated Prepayment Period;
(xvxi) for each Loan Group, the total number and principal balance of any real estate owned, or REO Properties (and market valueProperties, if available) as of the close end of business the related Prepayment Period;
(xii) with respect to each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in effect;
(xiii) with respect to each loan group, the cumulative Realized Losses through the end of the preceding month;
(xiv) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Distribution Account for such Distribution Date;
(xv) with respect to each loan group, the Certificate Principal Balance of the related Certificates before and after giving effect to the distribution of principal and allocation of Allocated Realized Loss Amounts on the Determination Date preceding such Distribution Date;
(xvi) with respect to each loan group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xvii) with respect to each loan group, the three-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such loan group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xviii) the Certificate Factor for each Groupsuch Class of Certificates applicable to such Distribution Date;
(xix) the Interest Distribution Amount in respect of the Class A Certificates, the Senior Prepayment Percentage Mezzanine Certificates and the Subordinate Class CE-1 Certificates for such Distribution Date and the Interest Carry Forward Amount, if any, with respect to the Class A Certificates and the Mezzanine Certificates on such Distribution Date, and in the case of the Class A Certificates and the Mezzanine Certificates separately identifying any reduction thereof due to allocations of Prepayment Interest Shortfalls and interest shortfalls including the following Realized losses, Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;
(xx) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments by Ocwen or GMAC pursuant to Section 3.23 of this Agreement, Countrywide pursuant to the Servicing Agreement or the Master Servicer pursuant to Section 4.19 of this Agreement;
(xxi) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xxii) the amount of, if any, of Net Monthly Excess Cashflow or excess spread and the application of such Net Monthly Excess Cashflow;
(xxiii) the Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xviixxiv) for each Loan Groupthe Overcollateralization Increase Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviiixxv) the Class 1-A-1 Notional Overcollateralization Reduction Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxvi) unless the Pass-Through Rate for each class of Certificates for such information is set forth Distribution Date;
(xxvii) the amount of any deposit to the Reserve Fund contemplated by Section 3.25(b);
(xxviii) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date;
(xxix) the amount of any deposit to the Reserve Fund pursuant to Section 5.01(c)(7)(vii);
(xxx) the Aggregate Loss Severity Percentage;
(xxxi) with respect to each loan group, the amount of the Prepayment Charges remitted by the Servicer;
(xxxii) the amount of any Net Swap Payment payable to the Trust, any related Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any related Swap Termination Payment payable to the Swap Provider;
(xxxiii) amounts received under the Cap Contracts;
(xxxiv) the amount withdrawn from the Pre Funding Account pursuant to Section 3.28(c) on that Distribution Date, the amount remaining on deposit in the Form 10Pre-D relating Funding Account following such Distribution Date, and the amount withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxxv) for the number and aggregate principal distribution occurring on the Distribution Date immediately following the end of the Pre-Funding Period, the balance of any on deposit in the Group I Pre-Funding Sub-Account and/or the Group II Pre-Funding Sub-Account that has not been used to purchase Subsequent Group I Mortgage Loans repurchased by and/or Subsequent Group II Mortgage Loans, as applicable, and that is being distributed to the Depositor from the Trust since the previous related Class A Certificates as a mandatory distribution of principal, if any, on such Distribution Date; and
(bxxxvi) No later than each the amount withdrawn from the Capitalized Interest Account pursuant to Section 3.29 on that 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 Date 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 (iii) and (iv) 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 remaining on deposit in the statement described in Section 5.04(a) for such Distribution Date. Capitalized Interest Account.. The Trustee Securities Administrator will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Certificateholders and other parties to this Agreement the Rating Agencies via the Trustee's Internet Securities Administrator’s internet website, . The Securities Administrator’s internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at 1 (301866) 815846-66004526. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish upon request to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to the NIMS Insurer and each Certificateholder during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He4)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 IO Notional Amount, Class 12-A-5 IO Notional Amount, Class X3-IO Notional Amount, Class 4-IO Notional Amount, Class 5-IO Notional Amount, Class 30-B-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XSES Notional Amount, Class 3-IO SES Notional Amount, Class 4-SES Notional Amount and Class XB5-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2004-1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and the Component Balance of each Component after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixiv) the Notional Amount for each Class of Interest Only Certificates and the notional amount for each interest only Component for such Distribution Date;
(xv) for each Loan Group, the Reimbursement Amount;
(xvi) the Yield Maintenance Agreement Payments received from the Counterparty and the Yield Maintenance Amounts and the Yield Maintenance Amount Shortfalls paid to the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, and Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;A-1 Certificates; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvii) for each Loan Group, the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, Certificateholders and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMICREMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SunTrust Alternative Loan Trust, Series 2005-1f)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xxxxi) and (xxixxii) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the amount of Servicing Advances made since the previous Distribution Date, the aggregate amount of Servicing Advances outstanding as of the close of business on such Distribution Date and the amount of Servicing Advances reimbursed since the previous Distribution Date;
(xiii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixiv) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xivxv) 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;
(xvxvi) 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;
(xvixvii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixviii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixix) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-XCB-IO Notional Amount, Class 2-XCB-IO Notional Amount, Class 3-CB-IO Notional Amount and Class XB4-CB-IO Notional AmountAmount and Class CB-IO Notional Amount for such Distribution Date;
(xixxx) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxxi) for each Loan Group, Group the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxixxii) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date and cumulatively since the Cut-off Date;
(xxiixxiii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;; and
(xxiiixxiv) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K (each, a "Form 8-K") and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper entitl▇▇ ▇▇ ▇▇▇▇ ▇ ▇aper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-XCB-IO Notional Amount, Class 2-XCB-IO Notional Amount, Class 3-CB-IO Notional Amount, Class 4-CB-IO Notional Amount, Class CB-IO Notional Amount, Class 5-A-2 Notional Amount, Class 5-IO Notional Amount, Class 6-15-IO Notional Amount, Class 7-15-IO Notional Amount and Class XB15-IO Notional AmountAmount for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, Group the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date and cumulatively since the Cut-off Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xxiv) the Yield Maintenance Agreement Payment received from the Counterparty and paid to the Class 5-A-1 Certificates.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-2)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (a) Prior to the Distribution Date in each month, based upon on the information set forth in the Servicer Reports for such Distribution Date, information provided to by the Trustee on Swap Provider under the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and Swap Agreement with respect to subsections (xx) payments made pursuant to the Swap Agreement and (xxi) below, after consultation with information provided by the Depositor, the Trustee shall determine the following information Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall make available to each Holder of the Certificates, the Swap Provider, the Servicer and the Credit Risk Manager, a statement as to the distributions made on such Distribution DateDate setting forth:
(i) the date of such applicable Interest Accrual Periods and general Distribution Date and the Determination Date for such Distribution DateDates;
(ii) for with respect to each Classloan group, the applicable Record Date total cash flows received and Interest Accrual Periodthe general sources thereof;
(iii) for the aggregate Servicing Fee received by the Servicer during the related Due Period;
(iv) the amount, if any, of other fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees;
(v) with respect to each Grouploan group, the amount of the related distribution to Holders of the Certificates (by Class) 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 Liquidation Proceeds (C) any Overcollateralization Increase Amount included therein;
(ivvi) for with respect to each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 thereforloan group, the amount of such distribution to Holders of the shortfall Certificates (by Class) allocable to interest and the allocation thereof as between principal and interest;
(vi) portion thereof, if any, provided by the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution DateSwap Agreement;
(vii) for with respect to each Loan Grouploan group, the Pool Stated Principal Balance Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for such Distribution Datethe related Certificates (if any);
(viii) for each Loan Group, the Senior Percentage and aggregate amount of Advances included in the Subordinate Percentage for such distributions on the Distribution Date and (including the Total Senior Percentage and Aggregate Subordinate Percentage for general purpose of such Distribution DateAdvances);
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Grouploan group, the number and aggregate principal amounts balance of any Mortgage Loans (Anot including any Liquidated Mortgage Loans as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcyforeclosure) in 30-day increments until foreclosure or other dispositionusing the “OTS” method (1) one scheduled payment is delinquent, (B2) in foreclosuretwo scheduled payments are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period;
(x) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans 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 related Due Date;
(xivxi) for each Loan Group, with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close end of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofrelated Prepayment Period;
(xvxii) for each Loan Group, the total number and principal balance of any real estate owned, or REO Properties (and market valueProperties, if available) as of the close end of business on the Determination related Prepayment Period;
(xiii) with respect to each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in effect;
(xiv) with respect to each loan group, the cumulative Realized Losses through the end of the preceding month;
(xv) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Distribution Account for such Distribution Date;
(xvi) with respect to each loan group, the Certificate Principal Balance of the related Certificates before and after giving effect to the distribution of principal and allocation of Allocated Realized Loss Amounts on such Distribution Date;
(xvii) with respect to each loan group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xviii) with respect to each loan group, the three-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such loan group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xix) the Certificate Factor for each Groupsuch Class of Certificates applicable to such Distribution Date;
(xx) the Interest Distribution Amount in respect of the Class A Certificates, the Senior Prepayment Percentage Mezzanine Certificates and the Subordinate Class CE Certificates for such Distribution Date and the Interest Carry Forward Amount, if any, with respect to the Class A Certificates and the Mezzanine Certificates on such Distribution Date, and in the case of the Class A Certificates and the Mezzanine Certificates separately identifying any reduction thereof due to allocations of Prepayment Interest Shortfalls and interest shortfalls including the following Realized Losses: Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;
(xxi) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22 of this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(xxii) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xxiii) the amount of, if any, of Net Monthly Excess Cashflow or excess spread and the application of such Net Monthly Excess Cashflow;
(xxiv) the Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xviixxv) for each Loan Groupthe Overcollateralization Increase Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviiixxvi) the Class 1-A-1 Notional Overcollateralization Reduction Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxvii) unless such information is set forth in the Form 10Pass-D relating to Through Rate for each Class of Certificates for such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxviii) the number and aggregate principal amount of any deposit to the Reserve Fund contemplated by Section 3.24(b);
(xxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any Mortgage Loans repurchased amounts on such Distribution Date;
(xxx) the amount of any deposit to the Reserve Fund pursuant to Section 5.01(c)(7)(vi);
(xxxi) [Reserved];
(xxxii) the Aggregate Loss Severity Percentage;
(xxxiii) with respect to each loan group, the amount of the Prepayment Charges remitted by the Depositor from Servicer;
(xxxiv) the amount of any Net Swap Payment payable to the Trust, any related Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust since and any related Swap Termination Payment payable to the previous Distribution DateSwap Provider; and
(bxxxv) 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 (iii) and (iv) 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, received under 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 DateCap Contracts. The Trustee Securities Administrator will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Certificateholders and other parties to this Agreement the Rating Agencies via the Trustee's Internet Securities Administrator’s internet website, . The Securities Administrator’s internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at (301) 815▇-6600▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish upon request to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap1)
Statements to Certificateholders. (a) Prior to On each Determination Date, the Distribution Date in each month, based upon the information provided to Master Servicer shall provide the Trustee on and the Servicer's Certificates delivered Paying Agent access to a statement in order to make available to each Certificateholder, and concurrently with each distribution to Certificateholders the Trustee pursuant shall make available to Section 4.01 and them such statement with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Datetheir distribution setting forth:
(i) the date amount of the distributions to Holders of the Class A and Class M Certificates for such Distribution Date, separately stating the portions thereof allocable to interest and allocable to principal;
(ii) the amount of any Interest Carry Forward Amount and Supplemental Interest Amount for each Class paid on such Distribution Date and the Determination Date amount of any Interest Carry Forward Amount or Supplemental Interest Amount for each Class remaining after giving effect to the distributions on such Distribution Date;
(iii) the amount of any Extra Principal Distribution Amount for such Distribution Date;
(iiiv) the Principal Distribution Amount for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principalsuch Distribution Date, separately identifying stating the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributioncomponents thereof;
(v) if the distribution to the Holders of Principal Carry Forward Amount for each Class paid on such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, Distribution Date and the amount of the shortfall and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of any Principal Carry Forward Amount for each Class of Certificates prior to and remaining after giving effect to the distribution of principal distributions on such Distribution Date;
(vi) the number and aggregate Principal Balance of any Home Equity Loans purchased by the Depositor or the Master Servicer with respect to the related Collection Period pursuant to Sections 2.02, 2.04, 3.01 and 3.07;
(vii) for each Loan Group, the Pool Stated Principal Balance amount of any Substitution Adjustment Amounts for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage Servicing Fee for such Distribution Date Collection Period and the Total Senior Percentage and Aggregate Subordinate Percentage any accrued amounts thereof that remain unpaid for such Distribution Dateprevious Collection Periods;
(ix) the amount of amount, if any, to be distributed to the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and Equity Certificateholder on such Distribution Date;
(x) the Pass-Through Rate Overcollateralization Amount, the Interim Overcollateralization Amount, the Interim Overcollateralization Deficiency, the Overcollateralization Release Amount, the Targeted Overcollateralization Amount and the Monthly Excess Cashflow for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount number of Periodic Advances included in Home Equity Loans outstanding at the distribution on beginning and end of such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution DateCollection Period;
(xii) for each Loan Group, the number and aggregate Stated Principal Pool Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close end of business on the last day of the calendar month preceding such Distribution DateCollection Period;
(xiii) for the Certificate Principal Balance of each Loan Group, Class of Certificates and the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, as of Pool Factor after giving effect to the close of business distribution 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;
(xiv) 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 aggregate Principal Balance Balances of such Mortgage Loan Home Equity Loans (x) as to which the scheduled monthly payment is contractually delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, and (y) that have become REO, in each case as of the close end of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofCollection Period;
(xv) for each Loan Group, the total number and unpaid principal balance amount of any REO Properties (and market value, if available) as of the close of business on the Determination Date preceding all Home Equity Loans that became Liquidated Home Equity Loans during such Distribution DateCollection Period;
(xvi) for the book value of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xvii) whether a Trigger Event has occurred or is continuing;
(xviii) such other information as is required by the Code and regulations thereunder to be made available to Holders of the Class A and Class M Certificates;
(xix) whether an Event of Default has occurred since the prior Determination Date, specifying each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage such Event of Default if one has occurred;
(xx) LIBOR for such Distribution Date;
(xviixxi) for each Loan Groupthe Class A Formula Rate, the aggregate amount of Realized Losses incurred during the preceding calendar month Class A Pass-Through Rate, Class M Formula Rate and for each Group, any PO Deferred Amounts Class M Pass-Through Rate for such Distribution Date;
(xviiixxii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, any Skip-A-Pay Advances for the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;related Collection Period; and
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Skip-A-Pay Reimbursement Amount for such Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Class A Certificate or Class M Certificate, as applicable, 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 Datedenomination. The Trustee will make the monthly statement reports referred to Certificateholders in this section (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, Certificateholders and other parties to this Agreement via the Trustee's Internet website, initially which is presently located at "www.ctslink.com"www.abs.bankone.com. Persons that are unable to use the above website a▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇ a paper copy mailed to them via first class mail by calling the Trustee at (800) 524-9472. The Trustee will also make available copies of shall have the ▇right to change the way the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments ed to these reports available through in this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders section are distributed in order to make such distribution more convenient and/or more accessible to the above parties and to the Certificateholders. The Trustee shall provide timely and adequate notification to all above parties and to the Certificateholders regarding any such changes. change.
(c) The Master Servicer shall also give access to such statement to each Rating Agency at the time it gives access to such statement to the Trustee and the Paying Agent.
(d) Within a reasonable period of time 60 days after the end of each calendar year, the Master Servicer shall prepare or cause to be prepared and shall forward or give access to the Trustee shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee 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.
(e) On each Distribution Date, the Master Servicer shall forward or give access to the Trustee, in electronic or written form as may be agreed upon by the Master Servicer and the Trustee, for making available to the Holder of the Equity Certificate a copy of the report forwarded to the Holders of Class A Certificates and Class M Certificates on such Distribution Date. The Master Servicer shall also forward or give access to the Trustee, in electronic or written form as may be agreed upon by the Master Servicer and the Trustee, for making available to the Holder of the Equity Certificate a statement setting forth the amount of the distribution to the Holder of the Equity Certificate, together with such other information as the Master Servicer deems necessary or appropriate.
(f) Within 90 days after the end of each calendar year, the Master Servicer shall forward or give access to the Trustee for mailing to each Person who at any time during the calendar year was the Holder of the Equity Certificate a statement containing the applicable distribution information provided pursuant to this Section aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of the Equity Certificate together with any other information relating to the Trust reasonably required in order to enable an Equity Certificateholder to timely prepare and file its U.S. federal income tax returns and reports. 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 to the Trustee pursuant to any requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Payoffs, Curtailments, Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the amount of the WMMSC Master Servicing Fee paid to the WMMSC Master Servicer with respect to each Loan Group and such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxv) for each Loan Group, the amount of total RecoveriesWF Master Serviced Loan Reimbursement Amounts and WMMSC Master Serviced Loan Reimbursement Amounts; and
(xvi) for each Loan Group, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches amount of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andRecoveries.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicers a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES, Class 1-IO, Class 2-IO and Class 3-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-SES Notional Amount, the Class 1-IO Notional Amount, the Class 2-SES Notional Amount, the Class 2-IO Notional Amount, the Class 3-SES Notional Amount and for each Group, any PO Deferred Amounts the Class 3-IO Notional Amount for such Distribution Date;
(xviiixvi) the Ancillary Income for such Distribution Date;
(xvii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;SES Compensating Interest for such Distribution Date; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxviii) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pas THR Cert Series 2004 C)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and distribution, any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributiondistribution and the Class 2-A-4 Accrual Distribution Amount;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 IO Notional Amount, Class 12-A-5 IO Notional Amount, Class X3-IO Notional Amount, Class 4-IO Notional Amount, Class 5-IO Notional Amount, Class 6-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XSES Notional Amount, Class 3-IO SES Notional Amount, Class 4-SES Notional Amount, Class 5-SES Notional Amount and Class XB6-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Alternativer Loan Trust 2003-10)
Statements to Certificateholders. (a) Prior to the Distribution Date in each Each month, based upon at least two Business Days prior to each Distribution Date, the information provided Company shall deliver to the Trustee on the Servicer's Certificates delivered for mailing to the Trustee pursuant to Section 4.01 each Certificateholder, and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect 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 date The amount of such Distribution Date distribution to the Certificateholders of each Class (and the Determination Date for such Distribution Date;
in respect of any Component), other than any Notional Certificates (ii) for each Classand any Notional Component), the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepay-ments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Liquidation Proceeds included thereinDefective 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 of any Class of Accrual Certificates;
(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) for each Group, The Pool Scheduled Principal Balance and the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to such distribution;
(v) if the distribution all distributions allocable 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal made on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated The Class Certificate Principal Balance (or Notional Principal Balance) of each Class and the Certificate Principal Balance (or Notional Principal Balance) of a Single Certificate of each Class after giving effect to (i) all distributions allocable to principal (or reductions in the Notional Principal Balance, in the case of the Notional Certificates, or the addition of any Accrual Amount, in the case of any Class of Accrual Certificates) made on such Distribution Date and (ii) the allocation of any Realized Losses and any Subordinate Certificate Writedown Amount for such Distribution Date;
(viiivi) for The Pay-out Rate applicable to each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution DateClass of Certificates;
(ixvii) The book value and unpaid principal balance of any real estate acquired on behalf of Certificateholders through foreclosure, or grant of a deed in lieu of foreclosure or otherwise, of any REO Mortgage Loan, and the amount number of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Daterelated Mortgage Loans;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the The aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date Scheduled Principal Balances and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosurewhich, as of the close of business on the last day of the calendar month preceding the related Distribution Date, were (a) delinquent as to a total of (x) 30-59 days, (y) 60-89 days and (z) 90 days or more, and (b) in foreclosure;
(ix) The Scheduled Principal Balance of any Mortgage Loan replaced pursuant to Section 2.03(b), and of any Modified Mortgage Loan purchased pursuant to Section 3.01(c);
(x) The Certificate Interest Rates of any LIBOR Certificates, any COFI Certificates and the Class S Certificates applicable to the Interest Accrual Period relating to such Distribution Date and such Class;
(Cxi) in bankruptcy as of the close of business on the last day of the calendar month preceding The Senior Percentage, Group I Senior Percentage, Group II Senior Percentage, Group I Scheduled Distribution Percentage, Group II Scheduled Distribution Percentage and Junior Percentage for such Distribution Date;; and
(xivxii) for each Loan GroupThe Senior Prepayment Percentage, with respect to any Mortgage Loan that became an REO Property during the preceding calendar monthGroup I Senior Prepayment Percentage, 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;
(xv) 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;
(xvi) for each Group, the Group II Senior Prepayment Percentage and the Subordinate Junior Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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) through (iii) and (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Single Certificate. In connection with any proposed transfer of a Certificate with a $1,000 Denomination. On each Distribution Datethat is purported to be made in reliance on Rule 144A under the Securities Act, the Trustee Company shall prepare and furnish be responsible for furnishing such information as may be required thereunder to each Financial Market Servicea proposed transferee. In furtherance of the Company's obligations hereunder, in electronic or such other format and media mutually agreed upon by the Company hereby instructs the Trustee, at the Financial Market Service Company's expense and on its behalf, and the DepositorTrustee agrees, to promptly make available to the information contained in proposed transferee, upon request of the statement described in Section 5.04(aholder, (i) for such Distribution Date. The Trustee will make the monthly statement all statements furnished to Certificateholders pursuant to this Section 4.05(a) on previous Distribution Dates, (andii) all certificates furnished to the Trustee pursuant to Section 4.06 in prior months, at its option(iii) Officer's Certificates furnished to the Trustee pursuant to Section 3.12 for the two years preceding such request, (iv) reports of independent accountants furnished to the Trustee pursuant to Section 3.13 for the two years preceding such request, (v) a copy of the Private Placement Memorandum relating to such Certificate, together with any additional files containing amendments or supplements thereto issued by the same information in an alternative format) available each month Company (which copy shall be furnished to Certificateholdersthe Trustee by the Company), and other parties to this Agreement via (vi) the TrusteeCompany's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports Current Report on Form 8-K K, dated the Closing Date, relating to the Mortgage Loans; provided, however, that the Trustee shall in no event be required to make available such statements or certificates pursuant to clauses (i) and amendments (ii) above relating to these reports available through this website promptly (but no later Distribution Dates occurring more than one Business Day) after they are filed with twenty-four months preceding the Securities and Exchange Commission. Assistance month in using this website can be obtained by calling which such request was received; provided, further, however, that notwithstanding the Trustee's customer service desk at (301) 815-6600. Parties that are unable agreement as aforesaid to use the website are entitled provide such materials to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. Within a reasonable period of time after the end of each calendar yearproposed transferee, the Trustee does not assume, and shall not thereby be deemed to have assumed, any responsibility for compliance by the Company with Rule 144A (subject to the Trustee's agreement set forth in the second sentence of this paragraph) and shall be entitled to include a notice with such statements or certificates to the effect that such materials have not been prepared or assembled by the Trustee and that the Trustee assumes no responsibility for the adequacy, sufficiency or contents thereof. In connection with any such proposed transfer, the Company shall make available to the proposed holder, at the request of the related transferor, such additional information, if any, as may be required to be delivered pursuant to Rule 144A(d)(4). 90
(b) On or prior to January 20th of each year, commencing in 1997, the Company shall furnish to the Trustee for mailing to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, Certificateholder a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Group, the amount allocable to interest, the Accrual Distribution Amounts with respect to the Accrual Certificates, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage, the Priority Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or in the case of the Class 1-A-18 Certificates, each Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or in bankruptcy) in 30-day increments until foreclosure or other disposition, more days and (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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class A-PO Deferred Amounts for such Distribution Date;; and
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxv) for each Loan Group, the amount of total RecoveriesSpecial Hazard Loss Amount, the PO Recovery Fraud Loss Amount and the Non-PO Recovery;Bankruptcy Loss Amount, in each case as of the related Determination Date.
(xxixvi) any material modificationsthe Class 1-A-18 Notional Amount, extensions or waivers to Mortgage Loan termsthe Class 1-A-18A Notional Amount, fees, penalties or payments since the previous Class 1-A-18B Notional Amount and the Class 1-A-18C Notional Amount for such Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, shall make available prepare and deliver (by mail, fax or electronically) 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will may make available each month, to any interested party, the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2001-8)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution distribution, and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and Date, the Crossed Group Total Senior Percentage, the Loan Group 2 Total Senior Percentage, the Loan Group 5 Total Senior Percentage and the Crossed Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-9 Notional Amount, the Class 1-A-5 Notional Amount, Class XB-IO Notional Amount, the Class 15-XB-IO Notional Amount, the Class 15-IO Notional Amount, the Class 30-IO Notional Amount, the Class 20-IO Notional Amount, the Class 1-30-IO Notional Amount, the Class 2-X30-IO Notional Amount and the Class XB5-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery; for Loan Group 3, the amount of the PO Recovery for Loan Group 3 allocated to the Class 3-X-PO Component and the Class 15-PO Certificates; for Loan Group 5, the amount of the PO Recovery for Loan Group 5 allocated to the Class 5-X-PO Component and the Class 5-PO Certificates;
(xxixvii) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10case of the Class 1-D relating to A-7 Certificates, the applicable Rounding Amount, if any, for such Distribution Date and provided the Trustee is reasonably able amount applied to include repay such information Rounding Amount withdrawn for such Class on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous prior Distribution Date; and
(xviii) in the case of the Class 1-A-13 Certificates, the applicable Rounding Amount, if any, for such Distribution Date and the amount applied to repay such Rounding Amount withdrawn for such Class on the prior Distribution Date.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior On each Distribution Date, the Trustee shall 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 Distribution Date in Trustee) each month, based upon the information provided subsequent Certificate Owner (as identified to the Trustee on reasonable satisfaction of the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) belowTrustee), after consultation with the Depositor, the Trustee shall determine Master Servicers, the following information with respect Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a statement (a "Distribution Date Statement"), 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 set forth on Exhibit B hereto and, in any event, shall set forth:
(i) the date amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class Principal Balance thereof;
(ii) 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 AJ-FL Certificates allocable to Distributable Certificate Interest, the Class A-2FL Interest Distribution Amount and/or the Class AJ-FL Interest Distribution Amount, as the case may be;
(iii) 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 AJ-FL 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 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 Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution to the Holders respective portions of such Class of Certificates is less than the full amount that would be distributable Available Distribution Amount attributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interesteach Loan Group;
(vi) (a) the Class Certificate Balance aggregate amount of each Class of Certificates prior to and after giving effect P&I Advances made with respect to the distribution of principal on 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) for the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group, Group outstanding as of the Pool Stated Principal Balance for such Distribution close of business on the related Determination Date;
(viii) for the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group, the Senior Percentage Group outstanding immediately before and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for immediately after such Distribution Date;
(ix) the amount number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Servicing Fee paid 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 retained by the Servicer 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 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 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 Loan Group Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular Interest, as well as the Class A-2FL Interest Distribution Amount and the Class AJ-FL Interest Distribution Amount for such Distribution Date;
(xxix) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular Interest, respectively, as well as any unpaid portion of the Class A-2FL Interest Distribution Amount and the Class AJ-FL Interest Distribution Amount, respectively, after giving effect to the distributions made on such Distribution Date;
(xx) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan GroupRegular Certificates, the amount of Periodic Advances included in the distribution on such Distribution DateClass A-2FL REMIC II Regular Interest, the aggregate amount of Periodic Advances outstanding as of Class AJ-FL REMIC II Regular Interest, the close of business on such Distribution Date Class A-2FL Certificates and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan GroupClass AJ-FL Certificates, the number and aggregate Stated Principal Balance of the Mortgage Loansrespectively, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixxi) for each Loan Groupthe Principal Distribution Amount, the aggregate 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 preceding calendar month related Collection Period and for each Group, any PO Deferred Amounts for 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;
(xviiixxiv) the Class 1-A-1 Principal Balance or Notional Amount, Class 1-A-5 Notional Amountas applicable, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the parties to whom allocation of Realized Losses and Additional Trust Fund Expenses on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxv) unless such information is set forth in the Form 10Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class AJ-D relating to FL Certificates, respectively, immediately following such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxvi) 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, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively;
(xxxi) the original and then current ratings known to the Trustee for each Class of Regular Certificates;
(xxxii) the aggregate principal balance amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any Mortgage Loans repurchased by the Depositor from REO Property included in the Trust since Fund as of the previous 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 R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(bxxxv) No later than each Distribution Datea 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, based upon information supplied to it be included 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)Distribution Date Statement without undue difficulty. In the case of information to be furnished pursuant to clauses (iiii) and through (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Certificate with Single Certificate. In the case of information provided to the Trustee as a $1,000 Denominationbasis 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 prepare and furnish make available via its Internet Website the information specified in Section 3.15(b) to each Financial Market Servicethe 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 electronic any reports, statements, materials or such other format and media mutually agreed upon 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 Financial Market Service and Master Servicers or the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Special Servicer shall have any obligation to verify the right to change the way the monthly statements to Certificateholders are 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 above parties regarding accuracy or completeness of any such changesinformation provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish send to each Person who at any time during the calendar year was the Holder a Certificateholder of a Certificate, if requested in writing by such Personrecord, a statement containing report summarizing on an annual basis (if appropriate) the information set forth in items provided to Certificateholders pursuant to clauses (iiii), (ivii), (iii) and (ixiv) of Section 5.04(a), in each case aggregated for the description of "Distribution Date Statement" above and such calendar year or applicable portion thereof during which other information as may be required to enable such Person was a CertificateholderCertificateholders to prepare their federal income tax returns. Such obligation information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trustee Trust Fund. Such requirement shall be deemed to have been be satisfied to the extent that substantially comparable such information shall be is provided by the Trustee pursuant to any applicable requirements of the Code as from time to time in force. The 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 deliver 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 Holders Corporate Trust Office (accompanied by current verification of Certificates any reports or such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, Depositor and the Trustee shall prepare and provide 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 Certificateholders (by mailextent it receives the necessary underlying information from the Special Servicer or either Master Servicer, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulationsapplicable, and shall not be liable for any failure to deliver any statement, report or information on the REMIC Provisions includingprescribed due dates, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded extent caused by failure to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in receive timely such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.underlying information. Not
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-4)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Certificate Account on a Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward to the Financial Guaranty Insurer and each Rating Agency and shall mail to each Holder of a Certificate, a written statement setting forth the following information with respect to the applicable Class of Offered Certificates to which such Distribution Datestatement (a "Statement to Certificateholders") relates:
(ia) the date amount of such Distribution Date and the Determination Date for such Distribution Datedistribution with respect to each Class of Certificates;
(iib) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principalprincipal on the related Mortgage Loans in each Mortgage Loan Group, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds or other recoveries of principal included therein;
(ivc) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and such distributions allocable to interest;
(vid) the Class Interest Carry Forward Amount for each Class;
(e) the outstanding Certificate Principal Balance of each Class of Offered Certificates prior to and which will be outstanding after giving effect to the distribution any payment of principal on such Distribution Date;
(viif) for each Loan Group, the Pool Stated aggregate of the Principal Balance for Balances of all Mortgage Loans after giving effect to any payments of principal on such Distribution DateDate by Mortgage Loan Group and for the entire Trust, and each Group Factor; 89 95
(g) based upon information furnished by the Sponsor, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Certificateholders in computing their market discount;
(viiih) the total of all amounts paid by the Sponsor and the Servicer during the related Collection Period in connection with purchases or repurchases from the Trust of Mortgage Loans and substitutions for Mortgage Loans of Qualified Replacement Mortgage Loans with respect to each Mortgage Loan Group and by reason for such purchase;
(i) the weighted average Mortgage Loan Rate of the Mortgage Loans with respect to each Mortgage Loan Group;
(j) whether a Trigger Event has occurred and, if so, what event;
(k) the Senior Enhancement Percentage and the Subordinate Stepped Up Enhancement Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateeach Mortgage Loan Group;
(ixl) the amount of any Extra Principal Distribution Amount included in such distribution;
(m) the Servicing Fee paid to or retained by the Servicer with respect to related Overcollateralization Amount and Targeted Overcollateralization Amount for each Mortgage Loan Group and such Distribution Dateall delinquency and loss information necessary to calculate the Targeted Overcollateralization Amount for each Mortgage Loan Group;
(xn) the Pass-Through Rate for amount, if any, of Insured Amounts distributable to each such Class of Adjustable Rate Group Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the Financial Guaranty Insurer Premium paid on such Distribution Date, and the aggregate amount of Periodic Advances outstanding Insured Amounts, interest thereon and previously unpaid Financial Guaranty Insurer Premiums paid on Such Distribution date and remaining to be paid on such Distribution date or any future Distribution Date;
(o) the amount of any Applied Realized Loss Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Fixed Rate Group Certificates as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(bp) No later than each Distribution Date, such other information as the Trustee, based upon Financial Guaranty Insurer may reasonably request to the extent such information supplied is available to it on the Trustee from the Servicer and is produced by the Servicer in the ordinary course of 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)business. In the case of information furnished pursuant to clauses subclauses (iiia), (b), (c) and (ivd) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationprincipal denomination. On Within 90 days after the end of each Distribution Datecalendar year, the Trustee shall prepare and furnish mail such report 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the Dona▇▇▇▇▇ ▇▇▇k▇▇ & ▇enr▇▇▇▇ ▇▇▇urities Corporation, 277 ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D▇▇▇ 90 96 Floor, annual reports on Form 10-KNew York 10285, current reports on Form 8-K and amendments to these reports available through this website promptly Attention: Jose▇▇ ▇. ▇▇▇▇▇ ▇▇▇ (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance which report shall include, in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible addition to the above parties and the Trustee shall provide timely and adequate notification information contained in reports to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar yearothers hereunder, the Trustee shall furnish total amount of interest on the Mortgage Loans for the period covered by such report), and to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Personan Offered Certificateholder, a statement for each Certificateholder containing the information set forth in clauses subclauses (iii)a) through (c) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable or, in the case of each Person who was an Offered Certificateholder for a portion of such calendar year, setting forth such information for each month thereof for the portion of the year during which such Person was a Certificateholder. Such obligation The Servicer shall provide any other information necessary in order to report income in respect 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 in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross federal income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timepurposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Aames Capital Corp)
Statements to Certificateholders. (a) Prior Concurrently with each distribution to Certificateholders, the Securities Administrator shall make available to the Distribution Date in parties hereto and each month, based upon Certificateholder via the information provided to the Trustee on the ServicerSecurities Administrator's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) internet website as set forth below, after consultation with the Depositor, the Trustee shall determine the following information with respect to (such Distribution Date:information the "Monthly Statement"):
(i) the date amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of each Class of Certificates, separately identified, allocable to principal;
(ii) for the amount of the distribution made on such Distribution Date to the Holders of each ClassClass of Certificates allocable to interest, the applicable Record Date and Interest Accrual Periodseparately identified;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments the Servicing Fee during the related Due Period and Liquidation Proceeds included thereinsuch other customary information as the Securities Administrator deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(iv) the aggregate amount of Monthly Advances for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionrelated Due Period;
(v) 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 aggregate Stated Principal Balance of the shortfall Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans at the allocation thereof as between principal and interestclose of business at the end of the related Due Period;
(vi) the Class Certificate Balance number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of each Class Group I Mortgage Loans, the Group II Mortgage Loans and the Group III Mortgage Loans as of Certificates prior to and after giving effect to the distribution of principal on such Distribution related Due Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance unpaid principal balance of the Group I Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Group II Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Group III Mortgage Loans (Aa) one month, two months or three months delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other dispositionon a contractual basis, (Bb) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date to which foreclosure proceedings have been commenced and (Cc) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution DateDate determined in accordance with the MBA method;
(xivviii) for each Loan Group, with respect to any Group I Mortgage Loan, Group II or Group III Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Group I Mortgage Loan, Group II Mortgage Loan or Group III Mortgage Loan as of the date it became an REO Property;
(ix) the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date and the date of acquisition thereof;
(xv) for each Loan GroupDate, and, cumulatively, the total number and cumulative principal balance of any all REO Properties (and market value, if available) as of the close of business on of the Determination Date last day of the preceding such Distribution Datedue period;
(xvix) for each Group, the Senior aggregate amount of Principal Prepayments made during the related Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution DatePeriod;
(xviixi) for each Loan Group, the number and amount of Prepayment Penalties received during the related Prepayment Period in the aggregate.
(xii) the aggregate amount of Realized Losses incurred during the preceding calendar month related Due Period and for each Group, any PO Deferred Amounts the cumulative amount of Realized Losses;
(xiii) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Master Servicer Collection Account for such Distribution Date;
(xviiixiv) the Class 1-A-1 Notional AmountCertificate Balance of each Class of Certificates, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountafter giving effect to the distributions made on such Distribution Date;
(xixxv) any expenses or indemnification amounts paid by the Trust, aggregate amount of interest accrued at the specific purpose of related Pass-Through Rate with respect to each payment Class during the related Interest Accrual Period and the parties to whom respective portions thereof, if any, remaining unpaid following the distributions made in respect of such payments were madeCertificates on such Distribution Date;
(xxxvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the amount of total Recoveries, extent not covered by Compensating Interest Payments by the PO Recovery and related Servicer or the Non-PO RecoveryMaster Servicer pursuant to the related Servicing Agreement or Section 6.06;
(xxixvii) any material modificationsthe Group I Available Funds, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution DateGroup II Available Funds and Group III Available Funds;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixviii) the number and aggregate principal balance Pass-Through Rate for each Class of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Certificates for such Distribution Date; and
(bxix) No later than the aggregate Stated Principal Balance of Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans purchased by the Seller during the related Due Period and indicating the Section of this Agreement requiring or allowing the purchase of each Distribution Datesuch Group I Mortgage Loan, 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 Group II Mortgage Loan and the Servicer a statement setting forth the Group III Mortgage Loan. The information set forth in Section 5.04(a). In above shall be calculated or reported, as the case of may be, by the Securities Administrator, based solely on, and to the extent of, information furnished pursuant provided to clauses (iii) the Securities Administrator by the Master Servicer. The Securities Administrator may conclusively rely on such information and (iv) of Section 5.04(a)shall not be required to confirm, verify or recalculate any such information. The Securities Administrator may make available each month, to any interested party, 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. The Trustee will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, website initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end change.
(b) By January 30 of each calendar yearyear beginning in 2008, if so requested in writing, the Trustee shall Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was as to the Holder aggregate of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses amounts reported pursuant to subclauses (iii), (iva)(ii) and (ixa)(v) above with respect to the Certificates, plus information with respect to the amount of Section 5.04(a), in each case aggregated servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with based on information in the DepositorMortgage Certificate Distribution Date Statements, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each GroupGroup 1, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for Group 2, the Group 2 Principal Distribution Amount for such Distribution Date, separately identifying the amounts of principal received with respect to each GroupMortgage Certificate;
(iii) for Group 1, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(iv) for Group 2, the Group 2 Interest Distribution Amount and the Interest Reductions for such Distribution Date, separately identifying the amounts of interest received with respect to each Mortgage Certificate;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viii) for each Loan Groupthe aggregate Mortgage Certificate Principal Balance as of the Mortgage Certificate Distribution Date after giving effect to the distribution of principal made thereon and any allocation of any principal losses thereto in respect of such Mortgage Certificate Distribution Date;
(A) the Group 1 Senior Percentage, the Group 1 Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Group 1 Senior Percentage, the Group 1 Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixx) for Group 1, the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xxi) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xixii) for each Loan GroupGroup 1, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiv) 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;
(xv) for each Loan GroupGroup 1, 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;
(xvi) for each GroupGroup 1, the Senior Prepayment Percentage and aggregate amount of Realized Losses incurred during the Subordinate Prepayment Percentage Prior Period or any Class PO Deferred Amount for such Distribution Date;
(xvii) for each Loan GroupGroup 2, the aggregate amount of any Group 2 Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for Loss Shortfall Amount allocated as of such Distribution Date;
(xviii) the Class 1-A-1 A-11 Notional Amount, the Class 1-A-5 A-12 Notional Amount, the Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X30-IO Notional Amount and the Class XB2-IO A-8 Notional AmountAmount for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the Trustfor Group 1, the specific purpose amount of each payment and the parties to whom such payments were made;Reimbursement Amounts; and
(xx) for each Loan Group, Group 1 the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificate and the Mortgage Certificate Distribution Date Statements, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, (i) a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iii5.06(a) and (iv) of Section 5.04(aii), 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-3 Trust)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder and the Company a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Master Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate on the Class A-10 Certificates and each Subclass, if any, thereof;
(xiii) the occurrence of the Credit Support Depletion Date;
(xiv) the Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage and Lockout Distribution Percentage for such Distribution Date;
(xiixvi) the aggregate amount of Realized Losses for each Loan Group, such Distribution Date;
(xvii) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xviii) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixix) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose weighted average Mortgage Rates of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) after giving effect to the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Certificate Account on a Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine make available on its web site, located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇▇, a written statement (a “Statement to Certificateholders”) setting forth the following information with respect to such Distribution Datethe Offered Certificates:
(ia) the date amount of such Distribution Date and the Determination Date for such Distribution Datedistribution with respect to each Class of Certificates (based on a Certificate in the original principal amount of $1,000);
(iib) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distribution allocable to principalprincipal on the related Mortgage Loans in each Mortgage Loan Group, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds or other recoveries of principal included therein;
(ivc) for each Group, the amount of such distribution allocable to interest, interest on the related Mortgage Loans in each Mortgage Loan Group separately identifying the aggregate amount of any Class Unpaid Interest Shortfall prepayment or Component Unpaid Interest Shortfall other recoveries of principal included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributiontherein;
(vd) if the distribution to the Holders of such Class Monthly Interest Amount and Class Interest Carryover Shortfall for each 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 and the allocation thereof as between principal and interestCertificates;
(vie) the Class outstanding Certificate Principal Balance of each Class of Offered Certificates prior to and (based on a Certificate in the original principal amount of $1,000) that will be outstanding after giving effect to the distribution any payment of principal on such Distribution Date;
(viif) the aggregate of the Principal Balances of all Mortgage Loans after giving effect to any payments of principal on such Distribution Date by Mortgage Loan Group and for the entire Trust, and each Group Factor;
(g) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Certificateholders in computing their market discount;
(h) the total of all amounts paid by the Seller and the Servicer during the related Collection Period in connection with purchases or repurchases from the Trust of Mortgage Loans and substitutions for Mortgage Loans of Qualified Replacement Mortgage Loans with respect to each Mortgage Loan Group and by reason for such purchase;
(i) the weighted average Mortgage Loan Rate of the Mortgage Loans in each Mortgage Loan Group;
(j) whether a Delinquency Event or a Cumulative Loss Event has occurred and, if so, what event;
(k) the Pool Stated Principal Balance amount of any Excess Interest included in such distribution;
(l) the Overcollateralization Amount, Required Overcollateralization Amount and Applied Realized Loss Amount, both in the aggregate and with respect to each applicable Class, for such Distribution Date;
(viiim) for the Basic Principal Amount with respect to each Mortgage Loan Group, ;
(n) the Senior Percentage amount of any Net Rate Cap Carryover paid and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for remaining unpaid as of such Distribution Date;
(ixo) the amount Capitalized Interest Requirement and amounts remaining in the Prefunding Account and Capitalized Interest Account each as of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xp) the Pass-Through Rate for amount of any draw to be made on any PMI Policy on the related Distribution Date, and the amounts to be paid to the PMI Insurer, if any, as of such Distribution Date in respect of the PMI Insurer Premiums with respect to each such Class of Certificates PMI Mortgage Loan in the related Mortgage Loan Group;
(or Componentq) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Mortgage Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure each Mortgage Loan Group and the aggregate of their Principal Balances as a percentage of the Group I Balance or in bankruptcy) in 30-day increments until foreclosure or other dispositionGroup II Balance, (B) in foreclosureas appropriate, that as of the close of business on the last day end 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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the immediately preceding calendar month and for each Groupare (i) 30 to 59 days delinquent, any PO Deferred Amounts for such Distribution Date;
(xviiiii) 60 to 89 days delinquent, (iii) 90 or more days delinquent, (iv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
subject of bankruptcy proceedings (xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans actual knowledge of the Servicer), (v) in foreclosure and any material breach of covenants hereunder;
(xxiiivi) as to which the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Daterelated Mortgaged Property is REO Property; and
(br) No later than the Certificate Principal Balance of each Class of Certificates then outstanding after giving effect to all payments or principal on such 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 subclauses (iiia), (b), (c) and (ivd) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationprincipal denomination. On Assistance in using the website may be obtained by contacting the Trustee’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. Within 90 days after the end of each Distribution Datecalendar year, the Trustee shall prepare and furnish mail such report 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission▇ & Co. Incorporated, including distribution reports on Form 10-D▇▇▇▇ ▇▇▇▇▇▇▇▇, annual reports on Form 10-K▇▇▇ ▇▇▇▇, current reports on Form 8-K and amendments to these reports available through this website promptly ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Mortgage Finance (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance which report shall include, in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible addition to the above parties and the Trustee shall provide timely and adequate notification information contained in reports to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar yearothers hereunder, the Trustee shall furnish total amount of interest on the Mortgage Loans for the period covered by such report), and to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Personan Offered Certificateholder, a statement for each Certificateholder containing the information set forth in clauses subclauses (iii)a) through (c) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable or, in the case of each Person who was an Offered Certificateholder for a portion of such calendar year, setting forth such information for each month thereof for the portion of the year during which such Person was a Certificateholder. Such obligation The Servicer shall provide any other information necessary in order to report income in respect 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 in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross federal income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timepurposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Aames Capital Corp)
Statements to Certificateholders. (a) Prior Concurrently with each distribution to Certificateholders, the Securities Administrator shall make available to the Distribution Date in parties hereto and each month, based upon Certificateholder via the information provided to the Trustee on the ServicerSecurities Administrator's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) internet website as set forth below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Dateinformation:
(i) the date amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of each Class of Certificates, separately identified, allocable to principal;
(ii) for the amount of the distribution made on such Distribution Date to the Holders of each ClassClass of Certificates allocable to interest, the applicable Record Date and Interest Accrual Periodseparately identified;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments the Servicing Fee during the related Due Period and Liquidation Proceeds included thereinsuch other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(iv) the aggregate amount of Monthly Advances for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionrelated Due Period;
(v) 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 aggregate Stated Principal Balance of the shortfall Group I, Group II, Group III and Group IV Mortgage Loans at the allocation thereof as between principal and interestclose of business at the end of the related Due Period;
(vi) the Class Certificate Balance number, weighted average remaining term to maturity and weighted average Loan Rate of each Class the Group I, Group II, Group III and Group IV Mortgage Loans as of Certificates prior to and after giving effect to the distribution of principal on such Distribution related Due Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance unpaid principal balance of the Mortgage LoansGroup I, the ranges of Mortgage Interest Rates for the Mortgage LoansGroup II, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans Group III and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Group IV Mortgage Loans (Aa) one month, two months or three months delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other dispositionon a contractual basis, (Bb) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date to which foreclosure proceedings have been commenced and (Cc) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivviii) for each Loan Group, with respect to any Group I, Group II, Group III and Group IV Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Group I, Group II, Group III and Group IV Mortgage Loan as of the date it became an REO Property;
(ix) the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date and the date of acquisition thereof;
(xv) for each Loan GroupDate, and, cumulatively, the total number and cumulative principal balance of any all REO Properties (and market value, if available) as of the close of business on of the Determination Date last day of the preceding such Distribution Datedue period;
(xvix) for each Group, the Senior aggregate amount of Principal Prepayments made during the related Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution DatePeriod;
(xviixi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month related Due Period and for each Group, any PO Deferred Amounts the cumulative amount of Realized Losses;
(xii) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Master Servicer Collection Account for such Distribution Date;
(xviiixiii) the Class 1-A-1 Notional AmountCertificate Balance of each Class of Certificates, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountafter giving effect to the distributions made on such Distribution Date;
(xixxiv) any expenses or indemnification amounts paid by the Trust, aggregate amount of interest accrued at the specific purpose of related Pass-Through Rate with respect to each payment Class during the related Interest Accrual Period and the parties to whom respective portions thereof, if any, remaining unpaid following the distributions made in respect of such payments were madeCertificates on such Distribution Date;
(xxxv) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the amount of total Recoveries, extent not covered by Compensating Interest Payments by the PO Recovery and Servicer or the Non-PO RecoveryMaster Servicer pursuant to the Servicing Agreement or Section 6.06;
(xxixvi) any material modificationsthe Group I, extensions or waivers to Mortgage Loan termsGroup II, fees, penalties or payments since the previous Distribution DateGroup III and Group IV Available Funds;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvii) the number and aggregate principal balance Pass-Through Rate for each Class of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Certificates for such Distribution Date; and
(bxviii) No later than the aggregate Stated Principal Balance of Group I, Group II, Group III and Group IV Mortgage Loans purchased by the Seller during the related Due Period and indicating the Section of this Agreement requiring or allowing the purchase of each Distribution Datesuch Group I, the TrusteeGroup II, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency Group III and the Servicer a statement setting forth the Group IV Mortgage Loan. The information set forth in Section 5.04(a). In above shall be calculated or reported, as the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a)may be, 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 TrusteeSecurities Administrator, based solely on, and to the Financial Market Service and extent of, information provided to the Depositor, Securities Administrator by the information contained in the statement described in Section 5.04(a) for such Distribution DateMaster Servicer. The Trustee will Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Securities Administrator may make available each month, to any interested party , the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, website initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇." Ass▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇s g the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301) 815-6600. Parties that are unable Parti▇▇ ▇▇▇▇ ▇▇▇ ▇▇able to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end change.
(b) By January 30 of each calendar yearyear beginning in 2005, the Trustee shall will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was as to the Holder aggregate of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses amounts reported pursuant to subclauses (iii), (iva)(ii) and (ixa)(v) above with respect to the Certificates, plus information with respect to the amount of Section 5.04(a), in each case aggregated servicing compensation and such other customary information as the Securities Administrator may determine and advises the Trustee to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such -92- calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator or the Trustee pursuant to any the requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (a) Prior to the Distribution Date in each month, based upon on the information set forth in the Servicer Reports for such Distribution Date, information provided to by the Trustee on Swap Provider under the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and Swap Agreement with respect to subsections (xx) payments made pursuant to the Swap Agreement and (xxi) below, after consultation with information provided by the Depositor, the Trustee shall determine the following information Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall make available to each Holder of the Certificates, the Servicer and the Credit Risk Manager, a statement as to the distributions made on such Distribution DateDate setting forth:
(i) the date of such applicable Interest Accrual Periods and general Distribution Date and the Determination Date for such Distribution DateDates;
(ii) for with respect to each Classloan group, the applicable Record Date total cash flows received and Interest Accrual Periodthe general sources thereof;
(iii) for the aggregate Servicing Fee received by the Servicer during the related Due Period;
(iv) the amount, if any, of other fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees;
(v) with respect to each Grouploan group, the amount of the related distribution to Holders of the Certificates (by class) 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 Liquidation Proceeds (C) any Overcollateralization Increase Amount included therein;
(ivvi) for with respect to each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 thereforloan group, the amount of such distribution to Holders of the shortfall Certificates (by class) allocable to interest and the allocation thereof as between principal and interest;
(vi) portion thereof, if any, provided by the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution DateSwap Agreement;
(vii) for with respect to each Loan Grouploan group, the Pool Stated Principal Balance Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for such Distribution Datethe related Certificates (if any);
(viii) for each Loan Group, the Senior Percentage and aggregate amount of Advances included in the Subordinate Percentage for such distributions on the Distribution Date and (including the Total Senior Percentage and Aggregate Subordinate Percentage for general purpose of such Distribution DateAdvances);
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Grouploan group, the number and aggregate principal amounts balance of any Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the Prepayment Period) that were (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcyforeclosure) in 30-day increments until foreclosure or other dispositionusing the “OTS” method (1) one scheduled payment is delinquent, (B2) in foreclosuretwo scheduled payments are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period;
(x) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans 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 related Due Date;
(xivxi) for each Loan Group, with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close end of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofrelated Prepayment Period;
(xvxii) for each Loan Group, the total number and principal balance of any real estate owned, or REO Properties (and market valueProperties, if available) as of the close end of business on the Determination related Prepayment Period;
(xiii) with respect to each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in effect;
(xiv) with respect to each loan group, the cumulative Realized Losses through the end of the preceding month;
(xv) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Distribution Account for such Distribution Date;
(xvi) with respect to each loan group, the Certificate Principal Balance of the related Certificates before and after giving effect to the distribution of principal and allocation of Allocated Realized Loss Amounts on such Distribution Date;
(xvii) with respect to each loan group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xviii) with respect to each loan group, the three-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such loan group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xix) the Certificate Factor for each Groupsuch Class of Certificates applicable to such Distribution Date;
(xx) the Interest Distribution Amount in respect of the Class A Certificates, the Senior Prepayment Percentage Mezzanine Certificates and the Subordinate Class CE Certificates for such Distribution Date and the Interest Carry Forward Amount, if any, with respect to the Class A Certificates and the Mezzanine Certificates on such Distribution Date, and in the case of the Class A Certificates and the Mezzanine Certificates separately identifying any reduction thereof due to allocations of Prepayment Interest Shortfalls and interest shortfalls including the following Realized Losses: Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;
(xxi) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22 of this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(xxii) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xxiii) the amount of, if any, of Net Monthly Excess Cashflow or excess spread and the application of such Net Monthly Excess Cashflow;
(xxiv) the Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xviixxv) for each Loan Groupthe Overcollateralization Increase Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviiixxvi) the Class 1-A-1 Notional Overcollateralization Reduction Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxvii) unless such information is set forth in the Form 10Pass-D relating to Through Rate for each class of Certificates for such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxviii) the number and aggregate principal amount of any deposit to the Reserve Fund contemplated by Section 3.24(b);
(xxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date;
(xxx) the amount of any deposit to the Reserve Fund pursuant to Section 5.01(c)(7)(vi);
(xxxi) the Loss Severity Percentage with respect to each Mortgage Loans repurchased Loan;
(xxxii) the Aggregate Loss Severity Percentage;
(xxxiii) with respect to each loan group, the amount of the Prepayment Charges remitted by the Depositor from Servicer;
(xxxiv) the amount of any Net Swap Payment payable to the Trust, any related Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust since and any related Swap Termination Payment payable to the previous Distribution DateSwap Provider; and
(bxxxv) 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 (iii) and (iv) 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, received under 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 DateCap Contracts. The Trustee Securities Administrator will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Certificateholders and other parties to this Agreement the Rating Agencies via the Trustee's Internet Securities Administrator’s internet website, . The Securities Administrator’s internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at (301) 815▇-6600▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish upon request to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4)
Statements to Certificateholders. (a) (i) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxV) and (xxiW) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Shifting Interest Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(iiB) for each ClassShifting Interest Loan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iiiC) for each Shifting Interest Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) for each Shifting Interest Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) if the distribution to the Holders of such Class of Shifting Interest 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Shifting Interest Certificates prior to before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Shifting Interest Loan Group, the Pool aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group for the preceding Distribution Date and the related Distribution Date;
(H) for each Shifting Interest Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(viiiI) for each the Crossed Loan Group, the Group Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Crossed Loan Group Subordinate Percentage for such Distribution Date;
(ixJ) the amount of the Servicing Fee Fees paid to or retained by the Servicer Servicers with respect to each Shifting Interest Loan Group and such Distribution Date;
(xK) the Pass-Through Rate for each such Class of Shifting Interest Certificates (or Component) with respect to such Distribution Date;
(xiL) for each Loan Groupwith respect to the Mortgage Loans, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiiiM) for each Shifting Interest Loan Group, the number and aggregate principal amounts of Shifting Interest Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivN) for each Shifting Interest Loan Group, with respect to any Shifting Interest Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregated Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvO) for each Shifting Interest 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;
(xviP) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Shifting Interest Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviiiQ) for each Shifting Interest Loan Group, the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Reimbursement Amount;
(xixR) for each Shifting Interest Loan Group, the amount of Recoveries;
(S) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiT) any material modifications, extensions or waivers to Shifting Interest Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiU) for each Shifting Interest Loan Group, the number and aggregate Stated Principal Balance of Shifting Interest Mortgage Loans, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Shifting Interest Mortgage Loan representations and warranties relating to of which the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateSecurities Administrator has knowledge or has received written notice; and
(bW) No later than each Distribution Date, the Trustee, based upon unless such 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 is otherwise set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K D relating to such Distribution Date and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with provided that the Securities and Exchange Commission. Assistance Administrator is reasonably able to include such information in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding statement, material breaches of any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by covenants under this Agreement of which the Securities Administrator has knowledge or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timehas received written notice.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES and Class WIO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or in bankruptcy) in 30-day increments until foreclosure or other disposition, more days and (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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Ratio Strip Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-SES Notional Amount, the Class 1-A-5 A-WIO Notional Amount, the Class X2-IO SES Notional Amount, the Class 12-X-IO WIO Notional Amount, the Class 23-X-IO SES Notional Amount and the Class XB3-IO WIO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Class SES Distributable Amount for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Cert Ser 2003-C)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such actual Distribution Date, the related Record Date, the Rate Determination Date and the Determination Date Interest Accrual Period for each Class for such Distribution Date;
(ii) for each ClassLoan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iii) for each Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and the Component Balance of each Component before and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the preceding Distribution Date and the related Distribution Date;
(viii) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiiixii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and for each additional 30-day increments until foreclosure or other dispositionperiod thereafter (e.g. 121 to 150 days, 151 to 180 days, etc.) up to foreclosure, (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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxiii) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvxiv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount for each Class of Interest Only Certificates and Class XB-IO Notional the notional amount for each interest only Component for such Distribution Date;
(xvii) for each Loan Group, the Reimbursement Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxviii) for each Loan Group, the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxixix) any material modificationsfor each Loan Group, extensions or waivers to the number of Mortgage Loan termsLoans at the beginning and end of the applicable reporting period, fees, penalties or payments since and the previous Distribution DateNet WAC and weighted average remaining term;
(xxiixx) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice; and
(xxi) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a statement setting forth the information set forth in Section 5.04(a)5.04. In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a)5.04, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) 5.04 for such Distribution DateDate (a "Monthly Statement"). The Trustee Securities Administrator will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, Certificateholders and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements Monthly Statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), ) and (iv) and (ix) of Section 5.04(a)5.04, in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMICREMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class 1-IO, Class 2-IO and Class 4-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviiixv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, the Class 2-X-IO Notional Amount and the Class XB4-IO Notional Amount;Amount for such Distribution Date; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder, and the Company a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Master Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate on the Class A-9 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 Percentage for such Distribution Date;
(xiixvi) the aggregate amount of Realized Losses for each Loan Group, such Distribution Date;
(xvii) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xviii) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;; 58
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose weighted average Mortgage Rates of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) after giving effect to the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 1-A-8 Accrual Distribution Amount, the Class 1-A-9 Accrual Distribution Amount, the Class 1-A-11 Accrual Distribution Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution distribution, and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage, the Total Senior Percentage, the Subordinate Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 A-4 Notional Amount, the Class 1-A-5 Notional Amount, the Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X15-IO Notional Amount and the Class XB30-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxia) any material modificationsthe Deficiency Amount, extensions or waivers to Mortgage Loan termsif any, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to for such Distribution Date and provided (b) amounts, if any, in respect of the Trustee is reasonably able to include such information on Deficiency Amount paid under the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderPolicy;
(xxiiixviii) the number and aggregate principal balance of any Mortgage Loans repurchased by amount remaining in the Depositor from Reserve Fund after taking into account the Trust since the previous Reserve Withdrawal, if any, for such Distribution Date; and
(xix) the Rounding Amount, if any, for such Distribution Date and the amount applied to repay such Rounding Amount withdrawn on the prior Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to Assured Guaranty, 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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior No later than two Business Days after the Determination Date for the immediately succeeding Distribution Date, the Master Servicers shall deliver to the Distribution Date Trustee a report in computer-readable form as to each monthMortgage Loan serviced by them as of such date such information as the Trustee shall reasonably require in order to make, based 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 the Trustee on the it by a Master Servicer's Certificates delivered .
(b) Concurrently with each distribution charged to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, each Distribution Date the Trustee shall determine forward by mail to each Holder and the Underwriter, each Master Servicer and the Depositor a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a timely manner:
(i) (a) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advances by the Master Servicers pursuant to Section 4.04 by Loan Group;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans by Loan Group after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, if applicable, the Senior Percentage 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 (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans (not including REO Properties) that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous occurrence of the Credit Support Depletion Date;
(xiii) the Group I Percentage and the Group II Percentage for such Distribution Date;
(xiixiv) the aggregate amount of Realized Losses by Loan Group for each Loan Group, such Distribution Date;
(xv) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xvi) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiiixvii) for each Loan Group, the number and aggregate principal amounts weighted average Mortgage Rates of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, as of after giving effect to the close of business amounts distributed 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;
(xivxviii) 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;
(xv) 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;
(xvi) for each Group, the Senior Group I Prepayment Percentage and the Subordinate Group II Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid Extraordinary Losses by Loan Group for the Trust, the specific purpose of each payment and the parties to whom such payments were made;Prior Period; and
(xx) for each the cumulative Realized Losses by Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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 (iiii) and (ivii) of Section 5.04(a)above, 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timedenomination.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bankamerica Mortgage Securities Inc)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class 1-IO and Class 2-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-IO Notional Amount, the Class 2-A-IO Notional Amount and for each Group, any PO Deferred Amounts the Class 2-IO Notional Amount for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, 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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.. On the Determination Date related to the Distribution Date in June 2009, the Securities Administrator shall determine the Par Price (as defined in the Auction Administration Agreement) for each Class of Auction Certificates
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Inc)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES, Class 1-IO, Class 2-IO and Class 3-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-SES Notional Amount, the Class 1-IO Notional Amount, the Class 2-SES Notional Amount, the Class 2-IO Notional Amount, the Class 3-SES Notional Amount and for each Group, any PO Deferred Amounts the Class 3-IO Notional Amount for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Ancillary Income for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Pass-Through Cert Ser 2003-K)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES, Class 1-IO, Class 2-IO and Class 3-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-SES Notional Amount, the Class 1-IO Notional Amount, the Class 2-A-IO Notional Amount, the Class 2-SES Notional Amount, the Class 2-IO Notional Amount, the Class 3-SES Notional Amount, the Class 3-IO Notional Amount and for each Group, any PO Deferred Amounts the Class 4-SES Notional Amount for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Ancillary Income for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Inc Series 2003-J)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES and Class WIO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or in bankruptcy) in 30-day increments until foreclosure or other disposition, more days and (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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Ratio Strip Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-SES Notional Amount, the Class 1-A-5 A-WIO Notional Amount, the Class X2-IO SES Notional Amount, the Class 12-X-IO WIO Notional Amount, the Class 23-X-IO SES Notional Amount and the Class XB3-IO WIO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Class SES Distributable Amount for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass-THR Cert Ser 2002-L)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 CB-WIO Notional Amount, Class 1-A-5 NC-WIO Notional Amount, Class X2-IO A-WIO Notional Amount, Class 1-XCB-IO SES Notional Amount, Class 21-XNC-IO SES Notional Amount and Class XB2-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each the REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2003-6)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class 15-IO, the amount allocable to interestClass 30-IO, Class SES and Class X-B Certificates, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution distribution, and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date Date, the CA-Crossed Total Senior Percentage, the 15 Year Crossed Total Senior Percentage, the CA-Aggregate Subordinate Percentage and the Total Senior Percentage and 15 Year Crossed Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class A-PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-7 Notional Amount, the Class 1-A-10 Notional Amount, the Class 15-A-IO Notional Amount, Class 1-A-5 Notional Amount, Class X30-IO Notional Amount, Class 1-X30-IO Notional Amount, Class 2-X30-IO Notional Amount, Class 15-IO Notional Amount, Class 3-15-IO Notional Amount, Class 4-15-IO Notional Amount, Class SES Notional Amount, Class 1-SES Notional Amount, Class 2-SES Notional Amount, Class 3-SES Notional Amount, Class 4-SES Notional Amount and Class XB5-IO SES Notional Amount;
(xixxvi) any expenses or indemnification amounts paid by the Trust, the specific purpose of Ancillary Income for each payment and the parties to whom Class SES Component for such payments were madeDistribution Date;
(xxxvii) the Class SES Compensating Interest for such Distribution Date;
(xviii) for each Loan Group, the amount of total Recoveries, the Class A-PO Recovery and the Non-PO Recovery;
(xxixix) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10case of the Class 1-D relating to A-12 Certificates, (a) the Deficiency Amount, if any, for such Distribution Date and provided (b) amounts, if any, in respect of the Trustee is reasonably able to include such information on Deficiency Amount paid under the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderPolicy;
(xxiiixx) in the number case of the Class 1-A-12 Certificates, the amount remaining in the Reserve Fund after taking into account the Reserve Withdrawal, if any, for such Distribution Date and aggregate principal balance the amount of any Mortgage Loans repurchased by the Depositor from Reserve Withdrawal allocated to the Trust since Class 1-A-12 Certificates; and
(xxi) in the previous case of the Class 1-A-12 Certificates, the Rounding Amount, if any, for such Distribution Date and the amount applied to repay such Rounding Amount withdrawn for such Class on the prior Distribution Date; and.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to MBIA, 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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xxV) and (xxiW) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to the Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the LIBOR Determination Date for the applicable Floating Rate Certificates, the related Record Date and the Determination Date Interest Accrual Period for each Class of Certificates for such Distribution Date;
(iiB) the Pool Distribution Amount for each Class, the applicable Record Date and Interest Accrual PeriodLoan Group;
(iiiC) the amount of the Pool Distribution Amount for each Group, the amount Loan Group allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) the amount of the Pool Distribution Amount for each Loan Group allocable to interest and for each Related Group, the amount allocable to interestClass C-A-5-1 Accrual Distribution Amount, the Class C-A-5-2 Accrual Distribution Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Certificates prior to and the Component Balance of each Component before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Loan Group, the Pool Stated Principal Balance for the preceding Distribution Date and the related Distribution Date;
(H) the Aggregate Crossed Senior Percentage, the Senior Percentage, the Senior Prepayment Percentage, the Aggregate Crossed Subordinate Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for each Loan Group for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ixI) the amount of the Servicing Fee Fees paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xJ) the Pass-Through Rate for each such Class of Certificates (or Component) and each Component with respect to such Distribution Date;
(xiK) for each Loan Group, the amount of Periodic Advances with respect to the Mortgage Loans included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term with respect to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month Determination Date immediately preceding such Distribution Date;
(xiiiL) for each Loan Group, the number and aggregate principal amounts of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivM) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvN) 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;
(xviO) the aggregate amount of Realized Losses with respect to the Loan Group incurred during the preceding calendar month and any PO Deferred Amounts for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage PO Component for such Distribution Date;
(xviiP) the Class 4-A-2 Notional Amount, the Class 4-A-3 Notional Amount, the Class 4-A-IO Notional Amount, the Class 6-A-IO Notional Amount, the Class 7-A-IO Notional Amount, the Class A-IO Notional Amount, the Class C-A-8-1 Notional Amount and the Class C-A-8-2 Notional Amount for such Distribution Date;
(Q) for each Loan Group, the aggregate Reimbursement Amounts; and
(R) for each Loan Group, the amount of Realized Losses incurred during Recoveries, the preceding calendar month PO Recovery and for each Group, any the Non-PO Deferred Amounts for such Distribution DateRecovery;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xixS) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiT) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiU) for the Mortgage Loans in each Loan Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Trustee has knowledge or has received written notice;
(W) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Trustee has knowledge or has received written notice; and
(X) the Interest Rate Cap Agreement Payments paid to the Class 2-A-4 and Class 3-A-2 Certificates; and
(Y) whether any exchanges of Exchangeable or Exchangeable REMIC Certificates have taken place since the preceding Distribution Date, and, if applicable, the Class designations, Class Certificate Balances, Notional Amounts, Pass-Through Rates, and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder as a result of such exchange. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(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 Agency, the Depositor and the Servicer Servicer, a statement setting forth the information set forth in Section 5.04(aSections 5.05(a) (a "Monthly Statement"). In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a5.05(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee shall prepare and furnish make available 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeMonthly Statement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-5 Trust)
Statements to Certificateholders. On each Distribution Date, concurrently with each distribution to Certificateholders, the Securities Administrator shall make available to the parties hereto and each Certificateholder, via the Securities Administrator's internet website as set forth below, the following information, expressed in the aggregate and as a Fractional Undivided Interest representing an initial Certificate Principal Balance of $1,000:
(a) Prior to the Distribution Date in Certificate Principal Balance or Notional Amount, as applicable, of each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution all distributions allocable 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ixb) the amount of the Servicing Fee paid related distribution to or retained by Holders of each Class allocable to principal, separately identifying (A) the Servicer with respect to each Loan Group aggregate amount of any Principal Prepayments included therein and such Distribution Date(B) the aggregate of all scheduled payments of principal included therein;
(xc) the Pass-Through Rate for each such applicable Class of Certificates with respect to the current Accrual Period;
(d) the amount of such distribution to Holders of each Class allocable to interest;
(e) the applicable accrual periods dates for calculating distributions and general Distribution Dates;
(f) the total cash flows received and the general sources thereof;
(g) the amount, if any, of fees or Componentexpenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Servicer for the related Due Period;
(h) [Reserved];
(i) with respect to each Sub-Group, the amount of such distribution to each Certificate allocable to interest;
(j) [Reserved];
(k) with respect to each Sub-Group, the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for the following Distribution Date;
(xil) the number and Outstanding Principal Balance of the Mortgage Loans in each Sub-Group that were Delinquent (exclusive of any Mortgage Loan in foreclosure) in respect of which using the OTS method of calculation (A) one Scheduled Payment is Delinquent, (B) two Scheduled Payments are Delinquent, (C) three or more Scheduled Payments are Delinquent and (D) foreclosure proceedings have been commenced, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in each Loan such Sub-Group;
(m) with respect to each Sub-Group, the amount of Periodic Monthly Advances included in the distribution on such Distribution DateDate (including the general purpose of such Monthly Advances);
(n) [Reserved];
(o) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the prior calendar month or that have become material over time;
(p) with respect to each Sub-Group and with respect to any Mortgage Loan that was liquidated during the prior calendar month, the loan number and aggregate amount of Periodic Advances outstanding Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xiiq) for with respect to each Loan Sub-Group, the total number and aggregate Stated Principal Balance principal balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each any real estate owned or REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiir) for with respect to each Loan Sub-Group, the number and three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate principal amounts Stated Principal Balance of the Mortgage Loans that are 60 days or more Delinquent (Ain respect of which using the OTS method of calculation) delinquent (exclusive or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the (C1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;
(s) the Realized Losses during the related calendar month and the cumulative Realized Losses through the end of the preceding month;
(t) [Reserved];
(u) updated pool composition data including the following with respect to each Sub-Group: weighted average mortgage rate and weighted average remaining term;
(v) [Reserved];
(w) the amount withdrawn from the Pre-Funding Account, the Pre-Funding Reserve Account and the Interest Coverage Account on that Distribution Date, the amount remaining on deposit in the Pre-Funding Account and in the Interest Coverage Account with respect to each Sub-Group, following such Distribution Date, and the amount withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date;
(x) the special hazard amount, fraud loss amount and bankruptcy amount, if applicable, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiv) 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 applicable Distribution Date and the date of acquisition thereof;
(xv) for each Loan Group, the total number and principal balance a description of any REO Properties (and market value, if available) as of the close of business on the Determination Date preceding such Distribution Date;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth change in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches calculation of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Datethese amounts; and
(by) No later than the amount of the distribution made on such Distribution Date to the Holders of the Class XP Certificates allocable to Prepayment Charges for the related Mortgage Loans. The Depositor covenants that if there is a material change in the solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund it will notify the Securities Administrator five calendar days before each Distribution Date, and if no such notification occurs, the TrusteeSecurities Administrator has no obligation to report with respect to (y). The Depositor covenants to the Securities Administrator that there will be no new issuance of securities backed by the same asset pool, based upon information supplied to it on so the Servicer's CertificateSecurities Administrator will only be responsible in (x) above for reporting any pool asset changes, shall make available to each Holder such as additions or removals of a Certificate, each Rating Agency and Mortgage Loans from the Servicer a statement setting forth the Trust Fund. The information set forth in Section 5.04(a). In above shall be calculated or reported, as the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a)may be, 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 TrusteeSecurities Administrator, based solely on, and to the Financial Market Service extent of, information provided to the Securities Administrator and the Depositor, Master Servicer by the information contained in the statement described in Section 5.04(a) for such Distribution DateServicer. The Trustee will Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Securities Administrator may make available each month, to any interested party, the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, website initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changeschange. Within a reasonable period of time after the end of each the preceding calendar yearyear beginning in 2007, the Trustee shall Securities Administrator will furnish a report to each Person who Holder of the Certificates of record at any time during the prior calendar year was as to the Holder aggregate of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses amounts reported pursuant to subclauses (iii), (iva)(i) and (ixa)(ii) above with respect to the Certificates, plus information with respect to the amount of Section 5.04(a), in each case aggregated servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator or the Trustee pursuant to any the requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust II 2007-1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 CB-WIO Notional Amount, Class 1-A-5 A-WIO Notional Amount, Class X2-IO A-WIO Notional Amount, Class 1-XCB-IO SES Notional Amount, Class 21-X-IO SES Notional Amount and Class XB2-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the w▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each the REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Series 2003 7)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator shall provide or make available, upon request to each Holder of a Certificate and the Credit Risk Manager, a statement (aeach, a "Remittance Report") Prior as to the distributions made to such Certificateholders on such Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Datesetting forth:
(i) the date amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of the Certificates allocable to principal;
(ii) for each Class, the applicable Record amount of the distribution made on such Distribution Date and Interest Accrual Periodto the Holders of the Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Servicing Fee received by each Interim Servicer and Liquidation Proceeds included thereineach Servicer and the Master Servicing Fee received by the Master Servicer during the related Due Period;
(iv) for each Groupthe number and aggregate Principal Balance of the Group I Loans and Group II Loans delinquent one, the amount allocable to interest, any Class Unpaid Interest Shortfall two and three months or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionmore;
(v) if the distribution (A) number and aggregate Principal Balance of Group I Loans and Group II Loans with respect to which foreclosure proceedings have been initiated, and (B) the Holders number and aggregate Principal Balance of such Class Mortgaged Properties acquired through foreclosure, deed in lieu of Certificates is less than foreclosure or other exercise of rights respecting the full amount that would be distributable to such Holders if there were sufficient funds available therefor, Trustee's security interest in the amount of the shortfall Group I Loans and the allocation thereof as between principal and interestGroup II Loans;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Group I Loans and the cumulative amount of Principal Prepayments, each Group II Loans as of the close of business on the last day of the calendar month preceding such Distribution Daterelated Prepayment Period;
(xiiivii) for each Loan Group, the number amount of Special Hazard Coverage available to the Group I Senior Certificates and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, Group II Senior Certificates remaining as of the close of business on the last day applicable Determination Date;
(viii) the amount of Bankruptcy Coverage available to the calendar month preceding such Distribution Date Group I Senior Certificates and (C) in bankruptcy Group II Senior Certificates remaining as of the close of business on the last day applicable Determination Date;
(ix) the amount of Fraud Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the calendar month preceding close of business on the applicable Determination Date;
(x) the amount of Realized Losses with respect to the Group I Loans and Group II Loans allocable to the Certificates on the related Distribution Date and the cumulative amount of Realized Losses incurred and allocated to the related Certificates since the Cut-Off Date;
(xi) the amount of interest accrued but not paid to each Class of Certificates entitled to interest since (a) the prior Distribution Date and (b) the Closing Date;
(xii) the amount of funds advanced by each Interim Servicer, each Servicer and the Master Servicer for such Distribution DateDate with respect to Group I Loans and Group II Loans;
(xiii) the total amount of Payoffs and Curtailments received during the related Prepayment Period with respect to Group I Loans and Group II Loans and the aggregate amount of any Prepayment Charges received in respect thereof;
(xiv) for each Loan Group, with respect to any Mortgage Group I Loan and Group II Loan that became an REO Property during the preceding calendar month, the loan number of such Loan, the Principal Balance and Stated the Scheduled Principal Balance of such Mortgage Loan Loan;
(xv) to the extent provided by the related Interim Servicer or the related Servicer, the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date with respect to the Group I Loans and the date of acquisition thereof;
(xv) 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 DateGroup II Loans;
(xvi) for each Group, the Senior Prepayment Percentage and aggregate amount of Extraordinary Trust Fund expenses withdrawn from the Subordinate Prepayment Percentage Distribution Account for such Distribution Date;
(xvii) for the aggregate Certificate Principal Balance of each Loan GroupClass of Certificates, after giving effect to the distributions and allocations of Realized Losses made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses;
(xviii) the aggregate amount of Realized Losses incurred during any Prepayment Interest Shortfalls for such Distribution Date on the preceding calendar month Group I Loans and Group II Loans, to the extent not covered by payments by the Master Servicer pursuant to Section 3.20;
(xix) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date with respect to the Group I Loans and Group II Loans;
(xx) the respective Pass-Through Rates applicable to each GroupClass of Certificates as of such Distribution Date;
(xxi) the Net WAC Rate Carryover Amount, any PO Deferred Amounts if any, for such Distribution Date;
(xviiixxii) the Class 1-A-1 Notional Net WAC Rate Carryover Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom outstanding after reimbursements therefor on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal amount of any deposit to each Reserve Fund contemplated by Section 3.25;
(xxiv) the balance of each Reserve Fund prior to the deposit or withdrawal of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts on such Distribution Date;
(xxv) the amount of any withdrawal from related Reserve Fund pursuant to Section 4.1(a)(v) and (b)(iv); and
(bxxvi) No later than the balance of each Distribution Date, the Trustee, based upon information supplied to it Reserve Fund after all deposits and withdrawals 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 (iii) and (iv) 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. The Trustee will Securities Administrator shall make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to the Certificateholders, the Trustee and other parties to this Agreement the Rating Agencies via the TrusteeSecurities Administrator's Internet internet website, . The Securities Administrator's internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\w▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301) 8151-▇▇▇-6600▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclause (i) above, the amounts shall be expressed as a dollar amount per single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Interest Certificate a statement containing the information set forth in clauses subclause (iii)i) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish to each Person who at any time during the calendar year was a Holder of a Class R Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Class R Certificates aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder, during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-2)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 1-A-5 Accrual Distribution Amount, the Class 1-A-6 Accrual Distribution Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution distribution, and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage, the Total Senior Percentage, the Subordinate Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-11 Notional Amount, the Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO A-12 Notional Amount and the Class XBA-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxia) any material modificationsthe Deficiency Amount, extensions or waivers to Mortgage Loan termsif any, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to for such Distribution Date and provided (b) amounts, if any, in respect of the Trustee is reasonably able to include such information on Deficiency Amount paid under the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderPolicy;
(xxiiixviii) the number and aggregate principal balance of any Mortgage Loans repurchased by amount remaining in the Depositor from Reserve Fund after taking into account the Trust since the previous Reserve Withdrawal, if any, for such Distribution Date; and
(xix) the Rounding Amount, if any, for such Distribution Date and the amount applied to repay such Rounding Amount withdrawn on the prior Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to Assured Guaranty, 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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and distribution, any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributiondistribution and the Class 1-CB-5 Accrual Distribution Amount;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 CB-WIO Notional Amount, Class 2-NC-WIO Notional Amount, Class 3-A-WIO Notional Amount, Class 1-A-5 Notional Amount, Class XCB-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XNC-IO SES Notional Amount and Class XB3-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each the REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Ser 2003 9)
Statements to Certificateholders. (a) (i) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the each Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxW) and (xxiX) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Shifting Interest Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(iiB) the Pool Distribution Amount for each Class, the applicable Record Date and Shifting Interest Accrual PeriodLoan Group;
(iiiC) the amount of the Pool Distribution Amount for each Group, the amount Shifting Interest Loan Group allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) the amount of the Pool Distribution Amount for each Group, the amount Shifting Interest Loan Group allocable to interestinterest and for each Related Group, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) if the distribution to the Holders of such Class of Shifting Interest 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Shifting Interest Certificates prior to and the Component Balance of each Component before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Loan Group, the Pool Stated Principal Balance of the Group 1 Mortgage Loans, Group 2 Mortgage Loans and the Group 3 Mortgage Loans for the preceding Distribution Date and the related Distribution Date;
(H) the Senior Percentage, the Crossed Loan Group Senior Percentage, the Senior Prepayment Percentage, the Crossed Loan Group Subordinate Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for each Shifting Interest Loan Group for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ixI) the amount of the Servicing Fee Administrative Fees paid to or retained by the Servicer Servicers with respect to each Loan Group 1, Loan Group 2 and Loan Group 3 and such Distribution Date;
(xJ) the amount of the WMMSC Master Servicing Fee paid to the WMMSC Master Servicer with respect to such Distribution Date;
(K) the Pass-Through Rate for each such Class of Shifting Interest Certificates (or Component) and each Component with respect to such Distribution Date;
(xiL) for each Loan Group, the amount of Periodic Advances with respect to the Mortgage Loans included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term with respect to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month Determination Date immediately preceding such Distribution Date;
(xiiiM) for each Loan Group, the number and aggregate principal amounts of the Shifting Interest Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivN) for each Loan Group, with respect to any Shifting Interest Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvO) for each Shifting Interest 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;
(xviP) the aggregate amount of Realized Losses with respect to the Shifting Interest Loan Group incurred during the preceding calendar month and any PO Deferred Amounts for each Group, the Senior Prepayment Percentage of Group 1 and the Subordinate Prepayment Percentage Group 2 for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiiQ) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, the Class 2-X-IO Notional Amount and the Class XBX-IO Notional AmountAmount for such Distribution Date;
(xixR) for each Shifting Interest Loan Group, the Reimbursement Amounts; and
(S) for each Shifting Interest Loan Group, the amount of Recoveries, the PO Recovery and the Non-PO Recovery;
(T) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiU) any material modifications, extensions or waivers to Shifting Interest Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiV) for the Shifting Interest Mortgage Loans in each Loan Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(W) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Shifting Interest Mortgage Loan representations and warranties relating to of which the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateSecurities Administrator has knowledge or has received written notice; and
(bX) No later than each Distribution Date, the Trustee, based upon unless such 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 is otherwise set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K D relating to such Distribution Date and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with provided that the Securities and Exchange Commission. Assistance Administrator is reasonably able to include such information in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding statement, material breaches of any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by covenants under this Agreement of which the Securities Administrator has knowledge or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timehas received written notice.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-3 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included thereintherein and separately identified and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Premiums and Servicer Prepayment Premium Payment Amounts;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the amount of the Master Servicing Fee paid to the Master Servicer with respect to such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore days, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date and (Cc) in bankruptcy bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-XCB-IO Notional Amount, Class 2-XA-IO Notional Amount, Class 3-A-IO Notional Amount and Class XB3-IO A-14 Notional AmountAmount for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvii) for each Loan Group, Group the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;Recovery and for Loan Group 1, the amount of the Class PO Recovery for Loan Group 1 allocated to the Class 1-30-PO Component and the Class 1-CB-PO Certificates; and
(xxixviii) any material modifications, extensions or waivers to the Mortgage Loan termsidentifying number of each Mortgage Loan with a Prepayment Premium that was the subject of a Principal Prepayment in Full during the related Collection Period, fees, penalties the Prepayment Premium listed on each related Mortgage Note and the Prepayment Premium collected or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased Servicer Prepayment Premium Payment Amount paid by the Depositor from the Trust since the previous Distribution Date; andServicer with respect to each such Mortgage Loan.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates (other than the Class P Certificates) with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates (other than the Class P Certificates) setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(vii) the CB Crossed Loan Group Senior Percentage, the DB Crossed Loan Group Senior Percentage, the CB Crossed Loan Group Subordinate Percentage and the DB Crossed Loan Group Subordinate Percentage for such Distribution Date and for the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixviii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date, the amount of the Master Servicing Fee paid to the Master Servicer with respect to each Loan Group and such Distribution Date and the amount of the premium paid by each Servicer with respect to each Mortgage Loan covered by a PMI Policy in each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviiixv) for each Loan Group, the Class 1-A-1 Notional Reimbursement Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-H Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon (x) the information provided to the Trustee on by the Servicer's Certificates delivered to the Trustee Servicer pursuant to Section 4.01 and (y) with respect to subsections (xxxxi) and (xxixxii) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each GroupClass, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(iv) for each GroupClass, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates (other than the Exchangeable Certificates) prior to and after giving effect to the distribution of principal on such Distribution DateDate and the Maximum Class Balance of each Class of Exchangeable Certificates;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of any lender paid primary mortgage insurance paid with respect to each Loan Group and such Distribution Date and the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the Net WAC for Loan Group 1, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each GroupGroup 2, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO A-3 Notional Amount and Class XB2-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, Group the amount of total Recoveries, the Non-PO Recovery and and, in the Non-case of Loan Group 2, the PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor Mortgage Loan Seller from the Trust since the previous Distribution Date;
(xxiv) a statement as to whether any exchanges of Exchangeable REMIC Certificates or Exchangeable Certificates have taken place since the preceding Distribution Date, and, if applicable, the names, Class Balances, Notional Amounts, Maximum Class Balances, Pass Through Rates, and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder as a result of such exchange;
(xxv) for each Loan Group, the number and percentage (by aggregate Stated Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification since the previous Distribution Date;
(xxvi) for each Loan Group, the number and percentage (by aggregate Cut-off Date Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxvii) for each Loan Group, the aggregate amount of principal forgiveness as a result of a Servicer Modification since the previous Distribution Date;
(xxviii) for each Loan Group, the aggregate amount of principal forgiven in connection with any Servicer Modifications since the Closing Date;
(xxix) for each Loan Group, the percentage (by aggregate Stated Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification within twelve months prior to the previous Distribution Date and are delinquent 60 days or more (averaged over the preceding six-month period);
(xxx) for each Loan Group, a statement as to the delinquency status of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxxi) for each Loan Group, the date of the most recent Servicer Modification; and
(xxxii) for each Loan Group, with respect to Mortgage Loans that were the subject of a Servicer Modification, the Mortgage Interest Rate prior to such Servicer Modification and the Mortgage Interest Rate subsequent to such Servicer Modification.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificatepursuant to Section 4.01 hereof, shall make available to each Holder of a Certificate, each Rating Agency Agency, the Depositor 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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇Assistance in using this website can be obtained by ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeustee's customer service desk at (301866) 815846-66004526. Parties that are unable to use the website are entitled to have a paper entitl▇▇ ▇▇ ▇▇▇▇ ▇ ▇aper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (National City Mortgage Capital Trust 2008-1)
Statements to Certificateholders. (a) Prior On each Distribution Date, the Securities Administrator will make available to each Certificateholder and any other interested party a statement (the Distribution Date in each month"Monthly Statement"), based upon the solely on information provided to by the Trustee on Master Servicer and the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following Servicers generally setting forth among other information with respect to such Distribution Datethe Certificates and Mortgage Loans:
(i1) the date amount of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for related distribution to holders of each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount class of certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds principal prepayments included therein, (B) the aggregate amount of all scheduled payments of principal included therein and (C) any Extra Principal Distribution Amount, in the aggregate and with respect to the Group 1 Mortgage Loans and Group 2 Mortgage Loans;
(iv2) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and such distribution to holders of each class of Certificates allocable to interest;
(vi3) the Interest Carry Forward Amount for each class of Certificates;
(4) the Class Certificate Balance of each Class class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii5) the aggregate outstanding principal balance of each class of Certificates for each Loan Group, the Pool Stated Principal Balance for such following Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix6) the amount of the Servicing Fee paid to or retained by the Servicer with respect to Servicers and any amounts constituting reimbursement or indemnification of the Servicers, the Master Servicer, the Trustee or the Securities Administrator;
(7) the Certificate Rate for each Loan Group and class of Certificates for such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, 8) the amount of Periodic Monthly Advances on Mortgage Loans included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii9) for each Loan Groupthe cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the number aggregate and aggregate Stated Principal Balance of with respect to the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Group 1 Mortgage Loans and the cumulative Group 2 Mortgage Loans;
(10) the amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group 1 Mortgage Loans and the Group 2 Mortgage Loans;
(xiii11) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or in bankruptcy) in 30-day increments until foreclosure or other dispositionmore days, (B) in foreclosureforeclosure and delinquent (1) 31 to 60 days, as of the close of business on the last day of the calendar month preceding such Distribution Date (2) 61 to 90 days and (3) 91 or more days, and (C) in bankruptcy (determined in accordance with the OTS method), in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group 1 Mortgage Loans and Group 2 Mortgage Loans;
(xiv12) 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, in the aggregate;
(xv13) for each Loan Group, whether a Stepdown Trigger Event has occurred and is in effect;
(14) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the related Determination Date preceding Date, in the aggregate;
(15) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Certificates on such Distribution Date;
(xvi16) for each Group, the Senior number and amount of Prepayment Percentage Penalties and the Subordinate amount of late payment fees received during the related Prepayment Percentage for such Distribution DatePeriod in the aggregate;
(xvii17) for as of each Loan GroupDistribution Date, the amount, if any, received pursuant to each Corridor Contract and the amount thereof to be paid to each class of Certificates;
(18) as of each Distribution Date, the amount of any Cap Payments paid or received by the Supplemental Interest Trust pursuant to the Cap Contract;
(19) as of each Distribution Date, the amount of any Net Swap Payments or Swap Termination Payments paid or received by the Supplemental Interest Trust pursuant to the Swap Agreement and the amount of any Defaulted Swap Termination Payments paid by the Supplemental Interest Trust;
(20) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group 1 Mortgage Loans and the Group 2 Mortgage Loans;
(21) the amounts distributed as interest in respect of the portion of each class of Certificates that represents a regular or residual interest in a REMIC and the amount of distributions on each class of certificates not treated as distributions on a regular or residual interest in a REMIC;
(22) the aggregate amount of all Advances with respect to the Mortgage Loans recovered during the related Due Period:
(23) the allocation to each Class of Certificates of any Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;related Due Period:
(xviii24) the with respect to each Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan GroupCertificates, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless Prepayment Interest Shortfalls on such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(b25) No later information regarding any pool asset changes (other than each Distribution Datein connection with a pool asset converting into cash in accordance with its terms), the Trusteesuch as additions or removals in connection with pool asset substitutions and repurchases (and purchase rates, based upon information supplied to it on the Servicer's Certificate, shall if applicable). The Securities Administrator may make available each month, to each Holder of a Certificateany interested party, 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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, initially located at "www.ctslink.com". The Trustee Securities Administrator will also make available copies of on its website any reports on Form 10-D, 10-K and 8-K that have been prepared and filed by the Securities Administrator with respect to the Issuing Entity promptly after such material is electronically filed with, or furnished to, the Securities and Exchange Commission. The Securities Administrator's website will be located at ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares , and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling notifying the customer service desk and indicating suchSecurities Administrator at the following address: ▇▇▇▇▇ Fargo Bank, N.A., ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: Client Manager -- MLMI 2007-A1. The Trustee shall Securities Administrator will have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution distributions more convenient and/or more accessible to the above parties accessible, and the Trustee shall Securities Administrator will provide timely and adequate notification to all above such parties regarding any such changes. Within In addition, within a reasonable period of time after the end of each calendar year, the Trustee shall furnish Securities Administrator will, upon request, prepare and deliver to each Person who Holder of a Certificate of record during the previous calendar year a statement containing information necessary to enable Holders of the Certificates to prepare their tax returns. These statements will not have been examined and reported upon by an independent public accountant.
(b) By January 30 of each year beginning in 2008, if so requested in writing, the Securities Administrator will furnish such report to each Holder of the Certificates of record at any time during the prior calendar year was as to the Holder aggregate of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses amounts reported pursuant to subclauses (iii), (iva)(ii) and (ixa)(v) above with respect to the Certificates, plus information with respect to the amount of Section 5.04(a), in each case aggregated servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-SES Notional Amount, the Class 2-A-IO Notional Amount, the Class 2-SES Notional Amount, the Class 3-SES Notional Amount and for each Group, any PO Deferred Amounts the Class 4-SES Notional Amount for such Distribution Date;
(xviiixvi) the Ancillary Income for such Distribution Date;
(xvii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;SES Compensating Interest for such Distribution Date; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxviii) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided a. The Servicer shall prepare and furnish to the Trustee the statements specified below relating to the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class B-3I Certificates on or before the third Business Day next preceding each Remittance Date. The Trustee and the Servicer shall inform any Certificateholder or any Underwriter inquiring by telephone of the information contained in the most recent Monthly Report.
b. Concurrently with each distribution charged to the Certificate Account the Trustee, so long as it has received the Monthly Report from the Servicer's Certificates delivered , shall forward or cause to the Trustee pursuant be forwarded by mail to Section 4.01 and with respect to subsections (xx) each Holder of a Class A Certificate and (xxiif the Originator is not the Servicer) below, after consultation with the Depositor, Originator a statement setting forth the Trustee shall determine the following information with respect to such Distribution Datefollowing:
(i) the date amount of such Distribution Date distribution to Holders of each Class of Class A Certificates allocable to interest, separately identifying any Unpaid Class A Interest Shortfall included in such distribution and the Determination Date for any remaining Unpaid Class A Interest Shortfall after giving effect to such Distribution Datedistribution;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distribution to Holders of each Class of Class A Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Unpaid Class Unpaid Interest Shortfall or Component Unpaid Interest A Principal Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(viiii) the Class Certificate Principal Balance of for each Class of Certificates prior to and Class A Certificates, after giving effect to the distribution of principal on such Distribution Remittance Date;
(iv) the Class A Percentage for such Remittance Date and the following Remittance Date;
(v) the Pool Scheduled Principal Balance of the Contracts for such Remittance Date;
(vi) the Pool Factor;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Datenumber and aggregate principal balances of Contracts delinquent (a) 30-59 days and (b) 60 or more days;
(viii) for each Loan Groupthe number of Manufactured Homes that were repossessed during the month ending immediately prior to such Remittance Date, the Senior Percentage number of repossessed Manufactured Homes that remain in inventory as of the last day of the related Due Period and repossessed Manufactured Homes purchased by the Subordinate Percentage for Originator or a subsidiary of the Originator from the Trust (during the related Due Period and cumulatively) by number of Contracts, aggregate Scheduled Principal Balance of such Distribution Date Contracts and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate purchase price;
(ix) number of Contracts and aggregate Scheduled Principal Balance of Contracts extended or otherwise amended during the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Due Period preceding current Remittance Date;.
(x) the Pass-Through Rate for each such Class of Certificates M-1 Distribution Test (or Component) with respect to such Distribution Dateas set forth in Exhibit N hereto);
(xi) for each Loan Group, the amount of Periodic Advances included Class M-2 Distribution Test (as set forth in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution DateExhibit N hereto);
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each Class B Distribution Test (as of the close of business on the last day of the calendar month preceding such Distribution Dateset forth in Exhibit N hereto);
(xiii) for each Loan Group, the number and aggregate principal amounts Weighted Average Contract Rate of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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 Dateall outstanding Contracts;
(xiv) the Class M-1 Interest Deficiency Amount, if any, 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 thereofRemittance Date;
(xv) for each Loan Group, the total number and principal balance of any REO Properties (and market valueClass M-2 Interest Deficiency Amount, if available) as of the close of business on the Determination Date preceding any, for such Distribution Remittance Date;
(xvi) for each Groupthe Class B-1 Interest Deficiency Amount, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage if any, for such Distribution Remittance Date;
(xvii) for each Loan Groupthe Overcollateralization Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Remittance Date;; and
(xviii) the Class 1-A-1 Notional Additional Principal Distribution Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom be distributed on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers Remittance Date pursuant to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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(a8.03(a)(12). .. In the case of information furnished pursuant to clauses (i) through (iii) and (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Class A 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesdenomination. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, Class A Certificate a statement containing the information set forth in clauses (iii), (iv) with respect to interest accrued and (ix) of Section 5.04(a), in each case aggregated for principal paid on its Certificates during such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. 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 in force. The .
c. On each Remittance Date, the Trustee shall deliver forward or cause to be forwarded by mail to each Holder of a Class M-1 Certificate a copy of the Monthly Report forwarded to the Holders of Class A Certificates on such Remittance Date. The Servicer shall also furnish to the Trustee, which shall forward such report to the Class M-1 Certificateholders as part of the Monthly Report, the following information:
(i) the amount of such distribution to Holders of Class M-1 Certificates allocable to interest, separately identifying any reports or Unpaid Class M-1 Interest Shortfall included in such distribution, any remaining Unpaid Class M-1 Interest Shortfall after giving effect to such distribution, any Class M-1 Liquidation Loss Interest Amount included in such distribution and any remaining unpaid Class M-1 Liquidation Loss Interest Shortfall after giving effect to such distribution;
(ii) the amount of such distribution to Holders of Class M-1 Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein and any remaining Unpaid Class M-1 Principal Shortfall after giving effect to such distribution;
(iii) the Class M-1 Principal Balance and the Class M-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Remittance Date;
(iv) the Class M-1 Percentage for such Remittance Date and the following Remittance Date; and
(v) the information described above in Section 6.05(b)(v) through (xviii). In the case of the information in clauses (i) through (iii) above, the amounts shall be expressed as a dollar amount per Class M-1 Certificate with a $1,000 denomination. Within a reasonable period of time after the end of each calendar year, the Trustee is required shall furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Class M-1 Certificate a statement containing the applicable distribution information provided pursuant to this Section aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class M-1 Certificate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by this Agreement the Trustee pursuant to any requirements of the Code as from time to time enforced.
d. On each Remittance Date, the Trustee shall forward or cause to be forwarded by mail to each Holder of a Class M-2 Certificate a copy of the Code, Treasury Regulations or REMIC Provisions to deliver Monthly Report forwarded to the Holders of Certificates, Class A Certificates and the Trustee Class M-1 Certificates on such Remittance Date. The Servicer shall prepare and provide also furnish to the Trustee, which shall forward such report to the Class M-2 Certificateholders (by mailas part of the Monthly Report, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, following information:
(i) information the amount of such distribution to be reported Holders of Class M-2 Certificates allocable to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded interest, separately identifying any Unpaid Class M-2 Interest Shortfall included in such distribution, any remaining Unpaid Class M-2 Interest Shortfall after giving effect to the Holder of the Residual Certificate by the Trustee)such distribution, any Class M-2 Liquidation Loss Interest Amount included in such distribution and any remaining unpaid Class M-2 Liquidation Loss Interest Shortfall after giving effect to such distribution;
(ii) information the amount of such distribution to be provided to the Holders of Class M-2 Certificates with respect allocable to amounts which should be principal, separately identifying the aggregate amount of any Principal Prepayments included as interest therein and original issue discount in any remaining Unpaid Class M-2 Principal Shortfall after giving effect to such Holders' gross income and distribution;
(iii) the Class M-2 Principal Balance and the Class M-2 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Remittance Date;
(iv) the Class M-2 Percentage for such Remittance Date and the following Remittance Date; and
(v) the information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described above in Section 7701(a)(19)(C6.05(b)(v) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values through (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timexviii).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder and the Company a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Master Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous Pass-Through Rates on the Class A-7 Certificates and Class A-8 Certificates for such Distribution Date, separately identifying LIBOR for such Distribution Date;
(xiixiii) 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 Loan GroupSubclass, if any, thereof;
(xiv) the number Class A-11 Notional Amount and aggregate Stated Principal Balance each Subclass Notional Amount;
(xv) the occurrence of the Mortgage Loans, Credit Support Depletion Date;
(xvi) the ranges Senior Accelerated Distribution Percentage applicable to such distribution;
(xvii) the Senior Percentage for such Distribution Date;
(xviii) the aggregate amount of Mortgage Interest Rates Realized Losses for such Distribution Date;
(xix) the Mortgage Loans, separated by 0.25%, aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xx) the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating after giving effect to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxxi) No later than each the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such 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 (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution DateIn addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Trustee Master Servicer shall prepare and furnish provide to each Financial Market Serviceany manager of a trust fund consisting of some or all of the Certificates, in electronic or upon reasonable request, such other format and media mutually agreed upon additional information as is reasonably obtainable 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. The Trustee will make the monthly statement to Certificateholders (and, Master Servicer at its option, any no additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible expense to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. Master Servicer.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee Master Servicer shall furnish 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, if requested in writing by such Personother than a Class R Certificate, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Master Servicer pursuant to any requirements of the Code as from Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificatesbe prepared, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephoneforward, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information cause to be reported forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the Residual Certificate applicable distribution information provided pursuant to this Section 4.03 aggregated for quarterly notices on Schedule Q (Form 1066) (such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be forwarded to the Holder of the Residual Certificate provided by the Trustee), (ii) information Master Servicer pursuant to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 any requirements of the Code.
(d) Upon the written request of any Certificateholder, and assets described in Section 7701(a)(19)(C) of the Code; providedMaster Servicer, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereofas soon as reasonably practicable, shall be interpreted to require provide the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federalrequesting Certificateholder with such information as is necessary and appropriate, state or local tax consequences associated with a change subsequently required to be made in the DepositorMaster Servicer's initial good faith determinations sole discretion, for purposes of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.satisfying applicable reporting requirements under Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Accredit Loans Inc)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each GroupGroup 1, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 A-3 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO A-7 Notional Amount, Class 1-X-IO A-13 Notional Amount, Class 21-X-IO A-16 Notional Amount and Class XB30-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, Group the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date and cumulatively since the Cut-off Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xxiv) the Yield Maintenance Agreement Payment received from the Counterparty and paid to the Class 1-A-1 Certificates.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2006-3 Trust)
Statements to Certificateholders. (a) Prior to the Not later than each Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the DepositorDate, the Trustee shall determine prepare and make available to each Certificateholder, the following information Servicer, the Depositor and each Rating Agency a statement setting forth with respect to such Distribution Datethe related distribution:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount thereof allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included thereintherein and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges and Servicer Prepayment Premium Payment Amounts;
(ivii) for each Group, the amount thereof allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall accrued and unpaid interest amounts from prior Distribution Date that are included in such distribution and any remaining Class Unpaid unpaid Interest Distribution Shortfall or Component Unpaid Interest Shortfall Amount after giving effect to such distribution, or Class C Distributable Amount, separately identified;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Principal Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(v) the aggregate Scheduled Principal Balance of the Mortgage Loans for the following Distribution Date;
(vi) the Pre-Funded Amount;
(vii) for each Loan Groupthe amount of the Servicing Fees paid to or retained by the Servicer with respect to such Distribution Date, and the Pool Stated Principal Balance for amount of Trustee Fees paid to or retained by the Trustee with respect to such Distribution Date;
(viii) the Pass-Through Rate for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for Class of Certificates with respect to such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Monthly Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Monthly Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xiix) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in and bankruptcy) in 30-day increments until foreclosure (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or other dispositionmore days, (B) in foreclosureforeclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, 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 Datebankruptcy;
(xivxi) 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 Scheduled 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 thereofDate;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for preceding such Distribution Date;
(xviiixiv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Subsequent Mortgage Loans repurchased acquired by the Depositor from Trust Fund in the Trust since related Due Period, the previous amount of funds remaining in each Pre-Funding Account (after taking into account any such acquisitions) and the amount of funds remaining in the Capitalized Interest Account (after giving effect to distributions on such Distribution Date); and
(bxv) No later than each the Net WAC Cap Carryover Amounts distributed on such Distribution Date, the Trustee, based upon information supplied amounts remaining after giving effect to it distributions thereof on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency such Distribution Date and the Servicer a statement setting forth amount of all Net WAC Cap Carryover Amounts covered by withdrawals from the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iii) and (iv) 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 Reserve Account on such Distribution Date. ; The Trustee will make the monthly Distribution Date statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, Certificateholders and the other parties to this Agreement via the Trustee's Internet ’s internet website, . The Trustee’s internet web site shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the “w▇▇.▇▇▇▇▇▇▇▇ ▇.▇▇▇/▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. .” Assistance in using this the website can be obtained by calling the Trustee's ’s customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling notifying the customer service desk and indicating suchTrustee at 4 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Worldwide Securities Services/Global Debt, First NLC 2005-2. The Trustee shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. change.
(b) The Trustee’s responsibility for disseminating the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information provided by the Servicer, and the Trustee shall be entitled to rely on such information and shall not be obligated to recalculate, reconcile or verify any such information.
(c) Within a reasonable period of time after the end of each calendar year, if requested in writing, the Trustee shall furnish cause to be furnished to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such PersonCertificateholder, a statement containing the information set forth in clauses (iiia)(i), (iva)(ii) and (ixa)(vii) of this Section 5.04(a), in each case 7.14 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeeffect.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Statements to Certificateholders. (a) Prior On each Distribution Date, the Trustee shall 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 Distribution Date in Trustee) each month, based upon the information provided subsequent Certificate Owner (as identified to the Trustee on reasonable satisfaction of the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) belowTrustee), after consultation with the Depositor, the Trustee shall determine Master Servicers, the following information with respect Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a statement (a "Distribution Date Statement"), 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 set forth on Exhibit B hereto and, in any event, shall set forth:
(i) the date amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class Principal Balance thereof;
(ii) 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 AJ-FL Certificates allocable to Distributable Certificate Interest, the Class A-2FL Interest Distribution Amount and/or the Class AJ-FL Interest Distribution Amount, as the case may be;
(iii) 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 AJ-FL 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 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 Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution to the Holders respective portions of such Class of Certificates is less than the full amount that would be distributable Available Distribution Amount attributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interesteach Loan Group;
(vi) (a) the Class Certificate Balance aggregate amount of each Class of Certificates prior to and after giving effect P&I Advances made with respect to the distribution of principal on 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 unreimbursed P&I Advan▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ 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 unreimbursed P&I ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇e 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) for the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group, Group outstanding as of the Pool Stated Principal Balance for such Distribution close of business on the related Determination Date;
(viii) for the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group, the Senior Percentage Group outstanding immediately before and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for immediately after such Distribution Date;
(ix) the amount number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Servicing Fee paid 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 retained by the Servicer 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 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 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 Loan Group Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular Interest, as well as the Class A-2FL Interest Distribution Amount and the Class AJ-FL Interest Distribution Amount for such Distribution Date;
(xxix) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class AJ-FL REMIC II Regular Interest, respectively, as well as any unpaid portion of the Class A-2FL Interest Distribution Amount and the Class AJ-FL Interest Distribution Amount, respectively, after giving effect to the distributions made on such Distribution Date;
(xx) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan GroupRegular Certificates, the amount of Periodic Advances included in the distribution on such Distribution DateClass A-2FL REMIC II Regular Interest, the aggregate amount of Periodic Advances outstanding as of Class AJ-FL REMIC II Regular Interest, the close of business on such Distribution Date Class A-2FL Certificates and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan GroupClass AJ-FL Certificates, the number and aggregate Stated Principal Balance of the Mortgage Loansrespectively, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixxi) for each Loan Groupthe Principal Distribution Amount, the aggregate 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 preceding calendar month related Collection Period and for each Group, any PO Deferred Amounts for 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;
(xviiixxiv) the Class 1-A-1 Principal Balance and Class X Notional Amount, Class 1-A-5 Notional Amountas applicable, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the parties to whom allocation of Realized Losses and Additional Trust Fund Expenses on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxv) unless such information is set forth in the Form 10Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class AJ-D relating to FL Certificates, respectively, immediately following such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxvi) 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, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively;
(xxxi) the original and then current ratings known to the Trustee for each Class of Regular Certificates;
(xxxii) the aggregate principal balance amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any Mortgage Loans repurchased by the Depositor from REO Property included in the Trust since Fund as of the previous 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 Y Certificates, Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(bxxxv) No later than each Distribution Datea 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, based upon information supplied to it be included 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)Distribution Date Statement without undue difficulty. In the case of information to be furnished pursuant to clauses (iiii) and through (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Certificate with Single Certificate. In the case of information provided to the Trustee as a $1,000 Denominationbasis 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 prepare and furnish make available via its Internet Website the information specified in Section 3.15(b) to each Financial Market Servicethe 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 electronic any reports, statements, materials or such other format and media mutually agreed upon 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 Financial Market Service and Master Servicers or the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Special Servicer shall have any obligation to verify the right to change the way the monthly statements to Certificateholders are 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 above parties regarding accuracy or completeness of any such changesinformation provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish send to each Person who at any time during the calendar year was the Holder a Certificateholder of a Certificate, if requested in writing by such Personrecord, a statement containing report summarizing on an annual basis (if appropriate) the information set forth in items provided to Certificateholders pursuant to clauses (i) and (ii) of the description of "Distribution Date Statement" above and, upon request, the items provided to Certificateholders pursuant to clauses (iii), ) and (iv) of the description of "Distribution Date Statement" above and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which other information as may be required to enable such Person was a CertificateholderCertificateholders to prepare their federal income tax returns. Such obligation information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trustee Trust Fund. Such requirement shall be deemed to have been be satisfied to the extent that substantially comparable such information shall be is provided by the Trustee pursuant to any applicable requirements of the Code as from time to time in force. The 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 deliver 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 Holders Corporate Trust Office (accompanied by current verification of Certificates any reports or such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, Depositor and the Trustee shall prepare and provide 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 Certificateholders (by mailextent it receives the necessary underlying information from the Special Servicer or either Master Servicer, telephoneas applicable, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.an
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-6)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each GroupClass, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(iv) for each GroupClass, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates (other than the Exchangeable Certificates) prior to and after giving effect to the distribution of principal on such Distribution DateDate and the Maximum Class Certificate Balance of each Class of Exchangeable Certificates;
(vii) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) in the case of each Class 1-A-1 of Interest Only Certificates (other than a Class of Exchangeable Certificates), the applicable Notional Amount, if any, and for each Class 1-A-5 of Interest Only Certificates which are Exchangeable Certificates, the Maximum Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountif any;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date;
(xxiv) the Class 3-A-11 Yield Maintenance Agreement Payment and Class 3-A-16 Yield Maintenance Agreement Payment received from the Counterparty and paid to the Class 3-A-11 and Class 3-A-16 Certificates, as the case may be; and
(xxv) a statement as to whether any exchanges of Exchangeable REMIC Certificates or Exchangeable Certificates have taken place since the preceding Distribution Date, and, if applicable, the names, Class Certificate Balances, Pass Through Rates, and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder as a result of such exchange.
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com▇▇▇.▇▇▇▇▇▇▇.▇▇▇". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s periodic reports the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2007-1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES and Class IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-A-SES Notional Amount, the Class 1-A-IO Notional Amount, the Class 2-SES Notional Amount, the Class 2-IO Notional Amount and for each Group, any PO Deferred Amounts the Class 3-SES Notional Amount for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Ancillary Income for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Certs Ser 2003-H)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Payoffs, Curtailments, Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the amount of the WMMSC Master Servicing Fee paid to the WMMSC Master Servicer with respect to each Loan Group and such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-7 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X30-IO Notional Amount and Class XB15-IO Notional AmountAmount for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of Buy-Down Funds and WF Master Serviced Loan Reimbursement Amounts and WMMSC Master Serviced Loan Reimbursement Amounts; and
(xvii) for each Loan Group the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modificationsRecovery and for Loan Group 2, extensions or waivers to Mortgage the amount of the Class PO Recovery for Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating Group 2 allocated to the Mortgage Loans Class 2-X-PO Component and any material breach the Class 2-15-PO Component and for Loan Group 3, the amount of covenants hereunder;
(xxiii) the number Class PO Recovery for Loan Group 3 allocated to the Class 3-X-PO Component and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andClass 3-15-PO Component.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicers a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and Component Balance of each Component after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(vii) the CB Crossed Loan Group Senior Percentage, the DB Crossed Loan Group Senior Percentage, the CB Crossed Loan Group Subordinate Percentage and the DB Crossed Loan Group Subordinate Percentage for such Distribution Date and for the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixviii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and month;
(xv) the Notional Amount for each Group, any PO Deferred Amounts Class of Interest Only Certificates and the Notional Amount for each Interest Only Component for such Distribution Date;
(xvi) the Cap Carryover Amounts distributed on such Distribution Date and the Cap Carryover Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xvii) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates;
(xviii) the amount of Net Deferred Interest added to the Class 1-A-1 Notional Amount, Certificate Balance of any Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountof Certificates or the Component Balance of any Component;
(xix) any expenses or indemnification amounts paid by the Trustfor each Loan Group, the specific purpose of each payment and the parties to whom such payments were made;Reimbursement Amount; and
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-E Trust)
Statements to Certificateholders. (a) Prior Concurrently with each distribution to Certificateholders, the Securities Administrator shall make available to the Distribution Date in parties hereto and each month, based upon Certificateholder via the information provided to the Trustee on the ServicerSecurities Administrator's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) internet website as set forth below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Dateinformation:
(i) the date amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of each Class of Certificates, separately identified, allocable to principal;
(ii) for the amount of the distribution made on such Distribution Date to the Holders of each ClassClass of Certificates allocable to interest, the applicable Record Date and Interest Accrual Periodseparately identified;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments the Servicing Fee during the related Due Period and Liquidation Proceeds included thereinsuch other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(iv) the aggregate amount of Monthly Advances for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionrelated Due Period;
(v) 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 aggregate Stated Principal Balance of the shortfall Group I, Group II, Group III and Group IV Mortgage Loans at the allocation thereof as between principal and interestclose of business at the end of the related Due Period;
(vi) the Class Certificate Balance number, weighted average remaining term to maturity and weighted average Loan Rate of each Class the Group I, Group II, Group III and Group IV Mortgage Loans as of Certificates prior to and after giving effect to the distribution of principal on such Distribution related Due Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance unpaid principal balance of the Mortgage LoansGroup I, the ranges of Mortgage Interest Rates for the Mortgage LoansGroup II, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans Group III and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Group IV Mortgage Loans (Aa) one month, two months or three months delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other dispositionon a contractual basis, (Bb) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date to which foreclosure proceedings have been commenced and (Cc) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivviii) for each Loan Group, with respect to any Group I, Group II, Group III and Group IV Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Group I, Group II, Group III and Group IV Mortgage Loan as of the date it became an REO Property;
(ix) the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date and the date of acquisition thereof;
(xv) for each Loan GroupDate, and, cumulatively, the total number and cumulative principal balance of any all REO Properties (and market value, if available) as of the close of business on of the Determination Date last day of the preceding such Distribution Datedue period;
(xvix) for each Group, the Senior aggregate amount of Principal Prepayments made during the related Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution DatePeriod;
(xviixi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month related Due Period and for each Group, any PO Deferred Amounts the cumulative amount of Realized Losses;
(xii) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Master Servicer Collection Account for such Distribution Date;
(xviiixiii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Certificate Balance or Notional Amount and of each Class XB-IO Notional Amountof Certificates, after giving effect to the distributions made on such Distribution Date;
(xixxiv) any expenses or indemnification amounts paid by the Trust, aggregate amount of interest accrued at the specific purpose of related Pass-Through Rate with respect to each payment Class during the related Interest Accrual Period and the parties to whom respective portions thereof, if any, remaining unpaid following the distributions made in respect of such payments were madeCertificates on such Distribution Date;
(xxxv) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the amount of total Recoveries, extent not covered by Compensating Interest Payments by the PO Recovery and related Servicer or the Non-PO RecoveryMaster Servicer pursuant to the related Servicing Agreement or Section 6.06;
(xxixvi) any material modificationsthe Group I, extensions or waivers to Mortgage Loan termsGroup II, fees, penalties or payments since the previous Distribution DateGroup III and Group IV Available Funds;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvii) the number and aggregate principal balance Pass-Through Rate for each Class of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Certificates for such Distribution Date; and
(bxviii) No later than the aggregate Stated Principal Balance of Group I, Group II, Group III and Group IV Mortgage Loans purchased by the Seller during the related Due Period and indicating the Section of this Agreement requiring or allowing the purchase of each Distribution Datesuch Group I, the TrusteeGroup II, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency Group III and the Servicer a statement setting forth the Group IV Mortgage Loan. The information set forth in Section 5.04(a). In above shall be calculated or reported, as the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a)may be, 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 TrusteeSecurities Administrator, based solely on, and to the Financial Market Service and extent of, information provided to the Depositor, Securities Administrator by the information contained in the statement described in Section 5.04(a) for such Distribution DateMaster Servicer. The Trustee will Securities Administrator may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Securities Administrator may make available each month, to any interested party , the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, website initially located at "www.ctslink.com". The Trustee will also make available copies of the “▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. .” Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timechange.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4)
Statements to Certificateholders. (a) Prior On each Distribution Date, the Trustee shall 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 Distribution Date in Trustee) each month, based upon the information provided subsequent Certificate Owner (as identified to the Trustee on reasonable satisfaction of the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) belowTrustee), after consultation with the Depositor, the Trustee shall determine Master Servicer, the following information with respect Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a statement (a "Distribution Date Statement"), 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 set forth on Exhibit B hereto and, in any event, shall set forth:
(i) the date amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class Principal Balance thereof;
(ii) the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates, the Class A-3FL Certificates and/or the Class AN-FL Certificates allocable to Distributable Certificate Interest, the Class A-3FL Interest Distribution Amount and/or the Class AN-FL Interest Distribution Amount, as the case may be;
(iii) the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates, the Class A-3FL Certificates and/or the Class AN-FL 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 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 Determination Date for respective portions of such Available Distribution DateAmount attributable to each Loan Group;
(iia) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments P&I Advances made with respect to the entire Mortgage Pool, and Liquidation Proceeds included therein;
(iv) for made with respect to each Loan Group, the amount allocable for such Distribution Date pursuant to interestSection 4.03(a), including, without limitation, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution amounts applied pursuant to Section 4.03(a)(ii), and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the Holders 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 Class ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available thereforclose of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the shortfall entire Mortgage Pool, and with respect to each Loan Group, as of the allocation thereof as between principal close of business on the related Determination Date and interest;
(vic) the Class Certificate Balance aggregate amount of each Class of Certificates prior to and after giving effect all Nonrecoverable Advances with respect to the distribution entire Mortgage Pool, and with respect to each Loan Group, as of principal the close of business on such Distribution the related Determination Date;
(vii) for the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group, Group outstanding as of the Pool Stated Principal Balance for such Distribution close of business on the related Determination Date;
(viii) for the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group, the Senior Percentage Group outstanding immediately before and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for immediately after such Distribution Date;
(ix) the amount number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Servicing Fee paid 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 retained by Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the Servicer 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 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 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 Loan Group Class of Regular Certificates, the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest, as well as the Class A-3FL Interest Distribution Amount and the Class AN-FL Interest Distribution Amount, for such Distribution Date;
(xxix) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest, respectively, as well as any unpaid portion of the Class A-3FL Interest Distribution Amount and the Class AN-FL Interest Distribution Amount, respectively, after giving effect to the distributions made on such Distribution Date;
(xx) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan GroupRegular Certificates, the amount of Periodic Advances included in the distribution on such Distribution DateClass A-3FL REMIC II Regular Interest, the aggregate amount of Periodic Advances outstanding as of Class AN-FL REMIC II Regular Interest, the close of business on such Distribution Date Class A-3FL Certificates and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan GroupClass AN-FL Certificates, the number and aggregate Stated Principal Balance of the Mortgage Loansrespectively, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixxi) for each Loan Groupthe Principal Distribution Amount, the aggregate 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 preceding calendar month related Collection Period and for each Group, any PO Deferred Amounts for 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;
(xviiixxiv) the Class 1-A-1 Principal Balance and Class X Notional Amount, as applicable, of each Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trustof Regular Certificates, the specific purpose of each payment Class A-3FL Certificates and the parties Class AN-FL Certificates, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to whom the allocation of Realized Losses and Additional Trust Fund Expenses on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxv) unless such information is set forth in the Form 10Certificate Factor for each Class of Regular Certificates, the Class A-3FL Certificates and the Class AN-D relating to FL Certificates, respectively, immediately following such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxvi) 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);
(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 Servicer, 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 Servicer 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, the Class A-3FL Certificates and the Class AN-FL Certificates, respectively;
(xxxi) the original and then current ratings known to the Trustee for each Class of Regular Certificates, the Class A-3FL Certificates and the Class AN-FL Certificates, respectively;
(xxxii) the aggregate principal balance amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any Mortgage Loans repurchased 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;
(xxxv) all payments to and from each Swap Counterparty during the month of such Distribution Date;
(xxxvi) 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 from Depositor, any other information necessary to satisfy the Trust since requirements of Item 1121(a) of Regulation AB that can, in the previous Trustee's reasonable judgment, be included on the Distribution DateDate Statement without undue difficulty; and
(bxxxvii) No later if the significance percentage (within the meaning of Item 1115 of Regulation AB) of the Class A-3FL Certificates or the Class AN-FL Certificates is equal to or greater than each Distribution Date10%, the Trustee, based upon information supplied whether such significance percentage is (A) equal to it on the Servicer's Certificate, shall make available or greater 10% but less than 20% or (B) whether such significance percentage is equal to each Holder or in excess of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a)20%. In the case of information to be furnished pursuant to clauses (iiii) and through (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Certificate with Single Certificate. In the case of information provided to the Trustee as a $1,000 Denominationbasis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii), (xxxiii) and (xxxv) 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. 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 prepare and furnish make available via its Internet Website the information specified in Section 3.15(b) to each Financial Market Servicethe 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 electronic any reports, statements, materials or such other format and media mutually agreed upon 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 Financial Market Service and Master Servicer or the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Special Servicer shall have any obligation to verify the right to change the way the monthly statements to Certificateholders are 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 above parties regarding accuracy or completeness of any such changesinformation provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish send to each Person who at any time during the calendar year was the Holder a Certificateholder of a Certificate, if requested in writing by such Personrecord, a statement containing report summarizing on an annual basis (if appropriate) the information set forth in items provided to Certificateholders pursuant to clauses (iiii), (ivii), (iii) and (ixiv) of Section 5.04(a), in each case aggregated for the description of "Distribution Date Statement" above and such calendar year or applicable portion thereof during which other information as may be required to enable such Person was a CertificateholderCertificateholders to prepare their federal income tax returns. Such obligation information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trustee Trust Fund. Such requirement shall be deemed to have been be satisfied to the extent that substantially comparable such information shall be is provided by the Trustee pursuant to any applicable requirements of the Code as from time to time in force. The Trustee shall deliver 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 Holders Holder of Certificates any reports or information a Definitive Certificate evidencing its ownership interest in the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders related Class of Book Entry Certificates, and then the Trustee shall prepare and 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 Certificateholders Corporate Trust Office (accompanied by mail, telephone, or publication current verification of such Certificate Owner's ownership interest). Such portion of such information as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MLCFC Commercial Mortgage Trust Series 2006-1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 1-CB-4 Accrual Distribution Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributiondistribution and the Class 1-CB-4 Accrual Distribution Amount;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-XCB-IO Notional Amount, Class 2-XCB-IO Notional Amount, Class 3-15-IO Notional Amount, Class 4-15-IO Notional Amount, Class CB-IO Notional Amount and Class XB15-IO Notional Amount;Amount for such Distribution Date; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, Group the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. On each Distribution Date the Trustee shall make available to each Holder of a Certificate and to the Company, the Master Servicer and the Rating Agencies, a statement based on information provided by the Master Servicer as to such distribution setting forth:
(a) Prior the amount of such distribution to the Distribution Date in Certificateholders of each monthClass applied to reduce the Certificate Principal Balance thereof, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxib) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:aggregate amount included therein representing Principal Prepayments;
(iii) the date amount of such Distribution Date distribution to Holders of each Class of Certificates allocable to interest and the Determination Date Pass-Through Rate on each Class of Certificates for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution to the Holders of such any 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate Balance aggregate amount of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance Advances for such Distribution Date;
(viiiv) for the number and aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Loan GroupClass of Certificates, the Senior Accelerated Distribution Percentage and each of the Subordinate Percentage for Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) the Total Senior Percentage number and Aggregate Subordinate Percentage for aggregate Stated Principal Balance of Mortgage Loans (a) delinquent 31 to 60 days, (b) delinquent 61 to 90 days, (c) delinquent 91 days or more, in each case as of the end of the calendar month prior to such Distribution Date;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous weighted average Net Mortgage Rate for such Distribution Date;
(xiixiii) for each Loan Group, the number and aggregate Stated Principal Balance occurrence of the Mortgage Loans, Credit Support Depletion Date;
(xiv) the ranges Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage and Lockout Priority Percentage for such Distribution Date;
(xvi) the aggregate amount of Mortgage Interest Rates Realized Losses for the Mortgage Loans, separated by 0.25%, such Distribution Date;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) for each Loan Group, with respect prior 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating giving effect to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxviii) No later than each the weighted average Mortgage Rates of the Mortgage Loans prior to giving effect to the amounts distributed on such 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 subclauses (i) - (iii) and (iv) of Section 5.04(a)above, the amounts shall also be expressed as a dollar amount per Certificate with a $1,000 DenominationSingle Certificate. On each Distribution Date, Date the Trustee shall prepare and furnish to provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level factors for each Financial Market ServiceClass of Certificates as of such Distribution Date, in electronic or such other using a 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. The Trustee will make the monthly statement acceptable to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesBloomberg. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish prepare and forward, to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses subclauses (i) - (iii)) above, (iv) 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 require ments of the Code and (ix) regulations thereunder as from time to time are in force. On each Distribution Date the Trustee shall prepare and forward, to each Holder of Section 5.04(a)a Residual Certificate a copy of the reports forwarded to the other Certificateholders on such Distribution Date. Within a reasonable period of time after the end of each calendar year, in the Trustee shall prepare and forward, to each case Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph 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 as from time to time are in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Statements to Certificateholders. (a) (i) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxV) and (xxiW) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Shifting Interest Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the related Record Date, the LIBOR Determination Date for the Class 1-A-1 and Class 1-A-9 Certificates and the Determination Date Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(iiB) for each Class, the applicable Record Date and Interest Accrual PeriodPool Distribution Amount;
(iiiC) for each Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) for each Group, the amount of the Pool Distribution Amount allocable to interest, the Class 1-A-10 Accrual Distribution Amount, the Class 1-A-11 Accrual Distribution Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) if the distribution to the Holders of such Class of Shifting Interest 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Shifting Interest Certificates prior to before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Loan Group, the Pool aggregate Stated Principal Balance of the Group 1 Mortgage Loans for such the preceding Distribution Date and the related Distribution Date;
(viiiH) for each Loan Groupthe Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Prepayment Percentage for such Distribution Date;
(ixI) the amount of the Servicing Fee Administrative Fees paid to or retained by the Servicer Servicers with respect to each Loan Group 1 and such Distribution Date;
(xJ) the Pass-Through Rate for each such Class of Shifting Interest Certificates (or Component) with respect to such Distribution Date;
(xiK) for each with respect to the Shifting Interest Certificates and Loan GroupGroup 1, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiiiL) for each Loan Group, the number and aggregate principal amounts of Group 1 Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivM) for each Loan Group, with respect to any Group 1 Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregated Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvN) for each Loan GroupGroup 1, 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;
(xviO) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses with respect to the Group 1 Mortgage Loans incurred during the preceding calendar month and for each Group, or any PO Deferred Amounts for such Distribution Date;
(xviiiP) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and for each Class XB-IO Notional Amountof Interest Only Certificates in Group 1;
(xixQ) for Loan Group 1, the Reimbursement Amount; 152
(R) for Loan Group 1, the amount of Recoveries, the PO Recovery and the Non-PO Recovery;
(S) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiT) any material modifications, extensions or waivers to Group 1 Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiU) for the Group 1 Mortgage Loans, the number and aggregate Stated Principal Balance, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Group 1 Mortgage Loan representations and warranties relating to of which the Mortgage Loans and any material breach of covenants hereunderSecurities Administrator has knowledge or has received written notice;
(xxiiiW) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice;
(X) the number and aggregate principal balance of any Mortgage Loans repurchased by Interest Rate Cap Agreement Payment paid to the Depositor from the Trust since the previous Distribution DateClass 1-A-1 Certificates; and
(bY) No later than each whether any exchanges of Exchangeable or Exchangeable REMIC Certificates have taken place since the preceding Distribution Date, the Trusteeand, 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 (iii) and (iv) of Section 5.04(a)if applicable, the amounts shall be expressed Class designations, Class Certificate Balances, Notional Amounts, Pass-Through Rates, and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage result of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeexchange.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-1 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such actual Distribution Date, the related Record Date, the Rate Determination Date and the Determination Date Interest Accrual Period for each Class for such Distribution Date;
(ii) for each ClassLoan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iii) for each Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or and Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and the Component Balance of each Component before and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the preceding Distribution Date and the related Distribution Date;
(viii) for each Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Prepayment Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiiixii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and for each additional 30-day increments until foreclosure or other dispositionperiod thereafter (e.g. 121 to 150 days, 151 to 180 days, etc.) up to foreclosure, (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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxiii) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvxiv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount for each Class of Interest Only Certificates and Class XB-IO Notional the notional amount for each interest only Component for such Distribution Date;
(xvii) for each Loan Group, the Reimbursement Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxviii) for each Loan Group, the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxixix) any material modificationsfor each Loan Group, extensions or waivers to the number of Mortgage Loan termsLoans at the beginning and end of the applicable reporting period, fees, penalties or payments since and the previous Distribution DateNet WAC and weighted average remaining term;
(xxiixx) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice;
(xxi) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice; and
(xxii) any Rounding Amounts for such Distribution Date and any amounts applied to repay such Rounding Amounts withdrawn on the prior Distribution Date. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a statement setting forth the information set forth in Section 5.04(a)5.04. In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a)5.04, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information - 108 - contained in the statement described in Section 5.04(a) 5.04 for such Distribution Date. The Trustee will make the monthly statement to Certificateholders Date (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at a "www.ctslink.comMonthly Statement". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-3 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates ’s Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxxxii) and (xxixxiii) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Certificates and such Distribution Date:
(i) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class of Certificates for such Distribution Date;
(ii) for each ClassLoan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vi) for each Loan Group, the Pool Principal Balance for the preceding Distribution Date and the related Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate the Total Subordinate Percentage for each of Loan Group J and Loan Group X for such Distribution Date;
(ix) the amount of the Servicing Fee Fees paid to or retained by the Servicer Servicers with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxiii) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvxiv) 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;
(xvixv) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage Class 3-A-4 Notional Amount for such Distribution Date;
(xviixvi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and month;
(xvii) for each Loan Group, any PO Deferred Amounts for such Distribution Datethe Reimbursement Amount;
(xviii) for each Loan Group, the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountamount of Recoveries;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxi) for the Mortgage Loans in each Loan Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xxii) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties relating to of which the Mortgage Loans and any material breach of covenants hereunderSecurities Administrator has knowledge or has received written notice;
(xxiii) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice;
(xxiv) for each Loan Group, the number and percentage (by aggregate principal balance Stated Principal Balance) of any Mortgage Loans repurchased by that were the Depositor from the Trust subject of aServicer Modification since the previous Distribution Date;
(xxv) for each Loan Group, the number and percentage (by aggregate Cut-off Date Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxvi) for each Loan Group, the aggregate amount of principal forgiveness as a result of a Servicer Modification since the previous Distribution Date;
(xxvii) for each Loan Group, the aggregate amount of principal forgiven in connection with any Servicer Modifications since the Closing Date;
(xxviii) for each Loan Group, the percentage (by aggregate Stated Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification within twelve months prior to the previous Distribution Date and are delinquent 60 days or more (averaged over the preceding six-month period);
(xxix) for each Loan Group, a statement as to the delinquency status of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxx) for each Loan Group, the date of the most recent Servicer Modification; and
(xxxi) for each Loan Group, with respect to Mortgage Loans that were the subject of a Servicer Modification, the Mortgage Interest Rate prior to such Servicer Modification and the Mortgage Interest Rate subsequent to such Servicer Modification. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called “MBA” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the close of business on the Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan’s second succeeding Due Date.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's ’s Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a single statement setting forth the information set forth in Section 5.04(aSections 5.05(a) (a “Monthly Statement”). In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04(a5.05(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution DateDate Statement. The Trustee Securities Administrator will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same or additional information in an alternative format) available each month to Certificateholders, Certificateholders and other parties to this Agreement via the Trustee's Securities Administrator’s Internet website, . The Securities Administrator’s Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this “[website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. address].” Assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at (301) 815-6600[phone number]. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements Monthly Statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), ) and (iv) and (ix) of Section 5.04(a5.05(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' ’ gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's ’s assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMICREMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's ’s initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Servicer's Certificates delivered to the Trustee Securities Administrator pursuant to Section 4.01 4.01, and with respect to subsections subsection (xxxxii) and (xxi) below, after consultation with below as identified by the Depositor, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each GroupClass, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(iv) for each GroupClass, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution, assuming in the case of a Class of Exchangeable REMIC Certificates no exchanges have occurred and in the case of a Class of Exchangeable Certificates that all exchanges have occurred;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates (other than the Exchangeable Certificates) prior to and after giving effect to the distribution of principal on such Distribution DateDate and the Maximum Class Certificate Balance of each Class of Exchangeable Certificates;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on the last day of the calendar month preceding such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the Net WAC, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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 last day of the calendar month preceding such Distribution Date and the date of acquisition thereof;
(xv) 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 last day of the calendar month preceding such Distribution Date;
(xvi) for each Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviii) in the case of each Class 1-A-1 of Interest Only Certificates, the applicable Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountif any;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee Securities Administrator is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date;
(xxiv) a statement as to whether any exchanges of Exchangeable REMIC Certificates or Exchangeable Certificates have taken place since the preceding Distribution Date, and, if applicable, the names, Class Certificate Balances, Notional Amounts, Maximum Class Certificate Balances, Pass Through Rates, and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder as a result of such exchange;
(xxv) for each Loan Group, the number and percentage (by aggregate Stated Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification since the previous Distribution Date;
(xxvi) for each Loan Group, the number and percentage (by aggregate Cut-off Date Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxvii) for each Loan Group, the aggregate amount of principal forgiveness as a result of a Servicer Modification since the previous Distribution Date;
(xxviii) for each Loan Group, the aggregate amount of principal forgiven in connection with any Servicer Modifications since the Closing Date;
(xxix) for each Loan Group, the percentage (by aggregate Stated Principal Balance) of Mortgage Loans that were the subject of a Servicer Modification within twelve months prior to the previous Distribution Date and are delinquent 60 days or more (averaged over the preceding six-month period);
(xxx) for each Loan Group, a statement as to the delinquency status of Mortgage Loans that were the subject of a Servicer Modification since the Closing Date;
(xxxi) for each Loan Group, the date of the most recent Servicer Modification; and
(xxxii) for each Loan Group, with respect to Mortgage Loans that were the subject of a Servicer Modification, the Mortgage Interest Rate prior to such Servicer Modification and the Mortgage Interest Rate subsequent to such Servicer Modification.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, 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 (iii) and (iv) 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 Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, initially located at "www.ctslink.comwww.etrustee.net". The Trustee Securities Administrator will also make available copies of the availab▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇s ▇ periodic reports the Trustee Securities Administrator prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk Securities Administrator at (301312) 815904-66004839. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk Securities Administrator and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2008-a Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, (A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xviixiii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, Group or any Class PO Deferred Amounts for such Distribution Date;
(xviiixiv) the Class 1-A-1 A-13 Notional Amount, the Class 1-A-5 A-20 Notional Amount, Amount and the Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X30-IO Notional Amount and Class XB-IO Notional Amountfor such Distribution Date;
(xixxv) any expenses or indemnification amounts paid by the Trustfor each Loan Group, the specific purpose amount of each payment and the parties to whom such payments were made;Reimbursement Amounts; and
(xxxvi) for each Loan Group, the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each Trust REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-2 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution distribution, and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and Date, the Crossed Group Total Senior Percentage, the Loan Group 2 Total Senior Percentage, the Loan Group 5 Total Senior Percentage and the Crossed Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixv) the Class 1-A-1 A-9 Notional Amount, the Class 1-A-5 Notional Amount, Class XB-IO Notional Amount, the Class 15-XB-IO Notional Amount, the Class 15-IO Notional Amount, the Class 30-IO Notional Amount, the Class 20-IO Notional Amount, the Class 1-30-IO Notional Amount, the Class 2-X30-IO Notional Amount and the Class XB5-IO Notional Amount;; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxvi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications; for Loan Group 3, extensions or waivers to Mortgage the amount of the PO Recovery for Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating Group 3 allocated to the Mortgage Loans Class 3-X-PO Component and any material breach the Class 15-PO Certificates; for Loan Group 5, the amount of covenants hereunder;
(xxiii) the number PO Recovery for Loan Group 5 allocated to the Class 5-X-PO Component and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andClass 5-PO Certificates.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to No later than 12:00 noon (Illinois time) on each Determination Date, the Distribution Date in each month, based upon the information provided Master Servicer shall deliver to the Trustee on the Servicer's Certificates delivered a computer tape (or such other report in a form and format mutually agreeable to the Master Servicer and the Trustee) containing the information set forth in Exhibit C-1 hereto as to each Mortgage Loan as of the end of the preceding Due Period and such other information as the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositorshall reasonably require. On each Distribution Date, the Trustee shall determine forward by telecopy to the Master Servicer, the Company and the Underwriter and mail to each Holder, a statement setting forth the following information with respect (based on the information contained on the computer tape) as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, (b) the aggregate amount included therein representing Principal Prepayments and (c) the amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of the Class P Certificates allocable to Prepayment Charges ;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate number and Pool Principal Balance of each Class of Certificates prior to the Mortgage Loans and any REO Properties after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vi) the number and aggregate principal balances of Mortgage Loans that are, as of the last day of the preceding calendar month, Delinquent (A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(vii) the number and aggregate principal balance of any REO Properties;
(viii) the aggregate Unpaid Interest Shortfall remaining unpaid, if any, for each Loan GroupClass of Certificates, after giving effect to the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for distribution made on such Distribution Date;
(ix) the amount of the Servicing Fee paid Required Overcollateralization Amount and Overcollateralization Amount, after giving effect to or retained by the Servicer with respect to each Loan Group and distributions made on such Distribution Date;
(x) the Pass-Through Rate Extra Principal Distribution Amount, if any, for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) the Overcollateralization Reduction Amount, if any, for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) the Credit Enhancement Percentage for each Loan Group, such Distribution Date;
(xiii) the number aggregate amount of Realized Losses for such Distribution Date and the aggregate Stated Principal Balance amount of Realized Losses on the Mortgage Loans, Loans incurred since the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, Cut-off Date;
(xiv) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiiixv) for each Loan Group, the number and aggregate principal amounts weighted average Net Mortgage Rates of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, as of after giving effect to the close of business amounts distributed 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;
(xiv) 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;
(xv) 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;
(xvi) for each Groupthe respective Pass-Through Rates applicable to the Class A Certificates, the Senior Prepayment Percentage Subordinate Certificates and the Class CE Certificates for such Distribution Date and the Pass-Through Rate applicable to the Class A Certificates and the Subordinate Prepayment Percentage Certificates for such the immediately succeeding Distribution Date;
(xvii) for each Loan Groupwhether a Trigger Event, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution DateOvercollateralization Reduction Lockout Event or a Servicer Termination Event has occurred;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;Servicing Fee for the related Due Period; and
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the aggregate amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Monthly Advances for such Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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 (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, The determination by the Trustee shall prepare and furnish to each Financial Market ServiceMaster Servicer of the amounts set forth in the Master Servicer's computer tape shall, in electronic or such other format and media mutually agreed upon by the Trusteeabsence of obvious error, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) be presumptively deemed to be correct for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties all purposes hereunder and the Trustee shall provide timely and adequate notification to all above parties regarding be protected in relying upon the same without any such changes. independent verification.
(b) 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 the Holder of a Certificate, if requested in writing by such Personother than a Class R Certificate, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 prepared and furnished by the Trustee pursuant to any requirements of the Code as from time to time are in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made force from time to time.
(c) 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 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 Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished by the Trustee pursuant to any requirements of the Code as are in force from time to time.
(d) 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 (if requested in writing) as the Certificateholder, may reasonably require; PROVIDED that the Master Servicer (to the extent that the Trustee in connection with the foregoing has requested from the Master Servicer information not generally produced) and the Trustee shall be entitled to be reimbursed by such Certificateholder, for their respective fees and actual expenses associated with providing such reports, if such reports are not generally produced in the ordinary course of their respective businesses or readily obtainable.
(e) Reports and computer tapes furnished by the Master Servicer pursuant to this Agreement shall be deemed confidential and of a proprietary nature, and shall not be copied or distributed except to (i) the extent provided in this Agreement or required by law, (ii) the Rating Agencies or the Company, (iii) the extent the Seller instructs the Trustee in writing to furnish information regarding the Trust Fund or the Mortgage Loans to third-party information providers. No Person entitled to receive copies of such reports or tapes or lists of Certificateholders shall use the information therein for the purpose of soliciting the customers of the Seller or for any other purpose except as set forth in this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 2000-A)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (a) Prior to the Distribution Date in each month, based upon on the information set forth in the Servicer Reports for such Distribution Date, information provided to by the Trustee on Swap Provider under the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and Swap Agreement with respect to subsections (xx) payments made pursuant to the Swap Agreement and (xxi) below, after consultation with information provided by the Depositor, the Trustee shall determine the following information Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall make available to each Holder of the Certificates, the Servicer and the Credit Risk Manager, a statement as to the distributions made on such Distribution DateDate setting forth:
(i) the date of such applicable Interest Accrual Periods and general Distribution Date and the Determination Date for such Distribution DateDates;
(ii) for with respect to each Classloan group, the applicable Record Date total cash flows received and Interest Accrual Periodthe general sources thereof;
(iii) for the aggregate Servicing Fee received by the Servicer during the related Due Period;
(iv) the amount, if any, of other fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees;
(v) with respect to each Grouploan group, the amount of the related distribution to Holders of the Certificates (by class) 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 Liquidation Proceeds (C) any Overcollateralization Increase Amount included therein;
(ivvi) for with respect to each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 thereforloan group, the amount of such distribution to Holders of the shortfall Certificates (by class) allocable to interest and the allocation thereof as between principal and interest;
(vi) portion thereof, if any, provided by the Class Certificate Balance of each Class of Certificates prior to and after giving effect to Swap Agreement in the distribution of principal on such Distribution Dateaggregate;
(vii) for with respect to each Loan Grouploan group, the Pool Stated Principal Balance Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for such Distribution Datethe related Certificates (if any);
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Grouploan group, the number and aggregate principal amounts balance of any Mortgage Loans (Anot including a Liquidated Mortgage Loan as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcyforeclosure) in 30-day increments until foreclosure or other dispositionusing the “OTS” method (1) one scheduled payment is delinquent, (B2) in foreclosuretwo scheduled payments are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans 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 related Due Date;
(xivx) for each Loan Group, with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close end of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofrelated Prepayment Period;
(xvxi) for each Loan Group, the total number and principal balance of any real estate owned, or REO Properties (and market valueProperties, if available) as of the close end of business the related Prepayment Period;
(xii) with respect to each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in effect;
(xiii) with respect to each loan group, the cumulative Realized Losses through the end of the preceding month;
(xiv) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Distribution Account for such Distribution Date;
(xv) with respect to each loan group, the Certificate Principal Balance of the related Certificates before and after giving effect to the distribution of principal and allocation of Allocated Realized Loss Amounts on the Determination Date preceding such Distribution Date;
(xvi) with respect to each loan group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xvii) with respect to each loan group, the three-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such loan group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xviii) the Certificate Factor for each Groupsuch Class of Certificates applicable to such Distribution Date;
(xix) the Interest Distribution Amount in respect of the Class A Certificates, the Senior Prepayment Percentage Mezzanine Certificates and the Subordinate Class CE Certificates for such Distribution Date and the Interest Carry Forward Amount, if any, with respect to the Class A Certificates and the Mezzanine Certificates on such Distribution Date, and in the case of the Class A Certificates and the Mezzanine Certificates separately identifying any reduction thereof due to allocations of Prepayment Interest Shortfalls and interest shortfalls including the following Realized Losses: Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;
(xx) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.23 of this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(xxi) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xxii) the amount of, if any, of Net Monthly Excess Cashflow or excess spread and the application of such Net Monthly Excess Cashflow;
(xxiii) the Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xviixxiv) for each Loan Groupthe Overcollateralization Increase Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviiixxv) the Class 1-A-1 Notional Overcollateralization Reduction Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxvi) unless such information is set forth in the Form 10Pass-D relating to Through Rate for each class of Certificates for such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiiixxvii) the number and aggregate principal amount of any deposit to the Reserve Fund contemplated by Section 3.25(b);
(xxviii) the balance of the Reserve Fund prior to the deposit or withdrawal of any Mortgage Loans repurchased amounts on such Distribution Date;
(xxix) the amount of any deposit to the Reserve Fund pursuant to Section 5.01(c)(8)(vi);
(xxx) the Aggregate Loss Severity Percentage;
(xxxi) with respect to each loan group, the amount of the Prepayment Charges remitted by the Depositor from Servicer;
(xxxii) the amount of any Net Swap Payment payable to the Trust, any related Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust since and any related Swap Termination Payment payable to the previous Distribution DateSwap Provider; and
(bxxxiii) 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 (iii) and (iv) 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, received under 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 DateCap Contracts. The Trustee Securities Administrator will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Certificateholders and other parties to this Agreement the Rating Agencies via the Trustee's Internet Securities Administrator’s internet website, . The Securities Administrator’s internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\w▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at (301) 8151-▇▇▇-6600▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish upon request to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Wm2)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder and the Company a statement setting forth the following information with respect as to such Distribution Date:each Class of Certificates to the extent applicable: 50
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Master Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous 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;
(xiixvi) the aggregate amount of Realized Losses for each Loan Group, such Distribution Date;
(xvii) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xviii) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviiixix) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose weighted average Mortgage Rates of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) after giving effect to the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (a) Prior to based on the information set forth in the Servicer Reports for such Distribution Date in each month, based upon the and information provided to by the Trustee on or the Servicer's Certificates delivered to Swap Provider under the Trustee pursuant to Section 4.01 and Swap Agreement with respect to subsections (xxpayments made pursuant to the Swap Agreement) and (xxi) belowshall make available to each Holder of the Certificates, after consultation with a statement as to the Depositor, the Trustee shall determine the following information with respect to distributions made on such Distribution DateDate setting forth:
(i) the date of such applicable Interest Accrual Periods and general Distribution Date and the Determination Date for such Distribution DateDates;
(ii) for with respect to each Classloan group, the applicable Record Date total cash flows received and Interest Accrual Periodthe general sources thereof;
(iii) for the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees;
(iv) with respect to each Grouploan group, the amount of the related distribution to Holders of the Certificates (by class) 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 Liquidation Proceeds (C) any Overcollateralization Increase Amount included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution with respect 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 thereforeach loan group, the amount of such distribution to Holders of the shortfall Certificates (by class) allocable to interest and the allocation thereof as between principal and interestportion thereof, if any, provided by the Swap Agreement;
(vi) with respect to each loan group, the Class Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for the related Certificates (if any);
(vii) with respect to each loan group, the Certificate Principal Balance of each Class of the related Certificates prior to before and after giving effect to the distribution of principal and allocation of Allocated Realized Loss Amounts on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for with respect to each Loan Grouploan group, the Senior Percentage number and Scheduled Principal Balance of all the Subordinate Percentage Mortgage Loans for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ix) the amount Pass-Through Rate for each Class of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and Certificates for such Distribution Date;
(x) the Pass-Through Rate for each aggregate amount of Advances included in the distributions on the Distribution Date (including the general purpose of such Class of Certificates (or Component) with respect to such Distribution DateAdvances);
(xi) for with respect to each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Grouploan group, the number and aggregate principal amounts balance of any Mortgage Loans that were (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcyforeclosure) in 30-day increments until foreclosure or other dispositionusing the “OTS” method (1) one scheduled payment is delinquent, (B2) in foreclosuretwo scheduled payments are delinquent, as of the close of business on the last day of the calendar month preceding such Distribution Date (3) three scheduled payments are delinquent and (C4) in bankruptcy as of foreclosure proceedings have been commenced, and loss information for the close of business on the last day of the calendar month preceding such Distribution Dateperiod;
(xivxii) for each Loan Groupthe amount of, if any, of Net Monthly Excess Cashflow or excess spread and the application of such Net Monthly Excess Cashflow;
(xiii) with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close end of business on the Determination related Prepayment Period;
(xiv) with respect to each loan group, whether the Stepdown Date preceding such Distribution Date has occurred and the date of acquisition thereofwhether Trigger Event is in effect;
(xv) for each Loan Group, the total number and principal balance of any real estate owned, or REO Properties (and market valueProperties, if available) as of the close end of business on the Determination Date related Prepayment Period;
(xvi) with respect to each loan group, the cumulative Realized Losses through the end of the preceding month;
(xvii) with respect to each loan group, the three-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such loan group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group,
(xviii) with respect to each loan group, the amount of the Prepayment Charges remitted by the Servicer;
(xix) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(xvixx) for each Groupthe Interest Distribution Amount in respect of the Class A Certificates, the Senior Prepayment Percentage Mezzanine Certificates and the Subordinate Class CE Certificates for such Distribution Date and the Interest Carry Forward Amount, if any, with respect to the Class A Certificates and the Mezzanine Certificates on such Distribution Date, and in the case of the Class A Certificates and the Mezzanine Certificates separately identifying any reduction thereof due to allocations of Prepayment Interest Shortfalls and interest shortfalls including the following Realized Losses; Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;
(xxi) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer pursuant to Section 4.19 of this Agreement;
(xxii) the Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xviixxiii) for each Loan Groupthe Overcollateralization Increase Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviiixxiv) the Class 1-A-1 Notional Overcollateralization Reduction Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiixxv) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, amount of any material breaches of representations and warranties relating deposit to the Mortgage Loans and any material breach of covenants hereunderReserve Fund contemplated by Section 3.25(b);
(xxiiixxvi) the number and aggregate principal balance of the Reserve Fund prior to the deposit or withdrawal of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts on such Distribution Date;
(xxvii) the amount of any deposit to the Reserve Fund pursuant to Section 5.01(c)(7)(vi);
(xxviii) the Aggregate Loss Severity Percentage; and
(bxxix) No later than each Distribution Datethe amount of any Net Swap Payment payable to the Trust, any related Net Swap Payment payable to the TrusteeSwap Provider, based upon information supplied any Swap Termination Payment payable to it on the Servicer's Certificate, shall make available Trust and any related Swap Termination Payment payable 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 (iii) and (iv) 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 DateSwap Provider. The Trustee Securities Administrator will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Certificateholders and other parties to this Agreement the Rating Agencies via the Trustee's Internet Securities Administrator’s internet website, . The Securities Administrator’s internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the Trustee's Securities Administrator’s customer service desk at (301) 815▇-6600▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish upon request to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap1)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class for such Distribution Date;
(ii) for each ClassLoan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iii) for each Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to before and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the preceding Distribution Date and the related Distribution Date;
(viii) for each Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and Date;
(ix) the Total Senior Percentage and Aggregate the Total Subordinate Percentage for such Distribution Date;
(ixx) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date and the amount of the Trustee Fee paid to or retained by the Trustee with respect to each Loan Group and such Distribution Date;
(xxi) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance amount of Advances included in the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans distribution on such Distribution Date and the cumulative aggregate amount of Principal Prepayments, each Advances outstanding as of the close of business on the last day of the calendar month Determination Date immediately preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and for each additional 30-day increments until foreclosure or other dispositionperiod thereafter (e.g., 121 to 150 days, 151 to 180 days, etc.) up to foreclosure, (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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiv) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregated Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and month;
(xvii) for each Loan Group, any PO Deferred Amounts for such Distribution Datethe Reimbursement Amount;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxixix) any material modificationsfor each Loan Group, extensions or waivers to the number of Mortgage Loan termsLoans at the end of the applicable reporting period, fees, penalties or payments since and the previous Distribution DateNet WAC and weighted average remaining term;
(xxiixx) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Trustee has knowledge or has received written notice; and
(xxi) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Trustee has knowledge or has received written notice. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee shall prepare and furnish make available 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 DateDate (a "Monthly Statement"). The Trustee will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.each
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon Based on the information provided to set forth in the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the DepositorElectronic File, the Trustee will prepare and make available the Monthly Report substantially in the form of Exhibit N for each Distribution Date to each Certificateholder, the Underwriter and the parties hereto.
(b) Each Monthly Report shall determine set forth the following information with respect to such Distribution Datefollowing:
(i) the date amount of such Distribution Date distribution to Holders of each Class of Certificates allocable to interest, separately identifying any related Unpaid Class Interest Shortfall included in such distribution and the Determination Date for any remaining Unpaid Class Interest Shortfall after giving effect to such Distribution Datedistribution;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distribution to Holders of each Class of Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining related Unpaid Class Unpaid Interest Shortfall or Component Unpaid Interest Principal Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(viiii) the Class Certificate Principal Balance of for each Class of Certificates prior Certificates, after giving effect to the distribution of principal on such Distribution Date; the Class M-1 Principal Balance and the Class M-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date; the Class M-2 Principal Balance and the Class M-2 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date; the Class B-1 Principal Balance and the Class B-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Class A Percentage, Class M-1 Percentage, Class M-2 Percentage and Class B Percentage for each Loan Group, such Distribution Date and the following Distribution Date;
(v) the Pool Stated Principal Balance of the Assets for such Distribution Date;
(vi) the Pool Factor;
(vii) the number and aggregate principal balances of Assets delinquent (a) 30-59 days and (b) 60 or more days;
(viii) for each Loan Group, the Senior Percentage and number of Manufactured Homes that were repossessed during the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for month ending immediately prior to such Distribution Date, the number of repossessed Manufactured Homes that remain in inventory as of the last day of the related Due Period and repossessed Manufactured Homes purchased by the Seller or a subsidiary of the Seller from the Trust (during the related Due Period and cumulatively) by number of Contracts, aggregate Principal Balance of such Contracts and aggregate purchase price;
(ix) the amount number of Mortgaged Properties that were foreclosed upon during the month ending immediately prior to such Distribution Date and the Aggregate Principal Balance of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Daterelated Mortgage Loan;
(x) number of Assets and aggregate Principal Balance of Assets extended or otherwise amended during the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Due Period preceding current Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Class M-1 Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution DateTest;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Class M-2 Distribution DateTest;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Class B Distribution Date and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution DateTest;
(xiv) 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 Weighted Average Net Asset Rate of such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofall outstanding Assets;
(xv) for each Loan Group, the total number and principal balance of any REO Properties (and market valueClass M-1 Interest Deficiency Amount, if available) as of the close of business on the Determination Date preceding any, for such Distribution Date;
(xvi) for each Groupthe Class M-2 Interest Deficiency Amount, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage if any, for such Distribution Date;
(xvii) for each Loan Groupthe Class B-1 Interest Deficiency Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Targeted Overcollateralization Amount, Class 1-A-5 Notional Overcollateralization Amount, Class X-IO Notional Overcollateralization Deficiency Amount and Overcollateralization Release Amount, Class 1-X-IO Notional Amountif any, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountfor such Distribution Date;
(xix) any expenses the Additional Principal Distribution Amount, if any, to be distributed on such Distribution Date pursuant to Section 8.03(a)(12) or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were madeSection 8.03(a)(13);
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateCumulative Realized Losses; and
(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 (iii) and (iv) 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Origen Residential Securities, Inc.)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Group, the amount allocable to interest, the Accrual Distribution Amounts with respect to the Accrual Certificates, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage, the Priority Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or in the case of the Class 1-A-26 Certificates, each Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or in bankruptcy) in 30-day increments until foreclosure or other disposition, more days and (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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class A-PO Deferred Amounts for such Distribution Date;; and
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxv) for each Loan Group, the amount of total RecoveriesSpecial Hazard Loss Amount, the PO Recovery Fraud Loss Amount and the Non-PO Recovery;Bankruptcy Loss Amount, in each case as of the related Determination Date.
(xxixvi) any material modificationsthe Class 1-A-25 Notional Amount, extensions or waivers to Mortgage Loan termsthe Class 1-A-26 Notional Amount, fees, penalties or payments since the previous Class 1-A-26A Notional Amount and the Class 1-A-26B Notional Amount for such Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, shall make available prepare and deliver (by mail, fax or electronically) 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will may make available each month, to any interested party, the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2001-9)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided a. The Servicer shall prepare and furnish to the Trustee the statements specified below relating to the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class B-3I Certificates on or before the third Business Day next preceding each Remittance Date. The Trustee and the Servicer shall inform any Certificateholder or any Underwriter inquiring by telephone of the information contained in the most recent Monthly Report.
b. Concurrently with each distribution charged to the Certificate Account the Trustee, so long as it has received the Monthly Report from the Servicer's Certificates delivered , shall forward or cause to the Trustee pursuant be forwarded by mail to Section 4.01 and with respect to subsections (xx) each Holder of a Class A Certificate and (xxiif the Originator is not the Servicer) below, after consultation with the Depositor, Originator a statement setting forth the Trustee shall determine the following information with respect to such Distribution Datefollowing:
(i) the date amount of such Distribution Date distribution to Holders of each Class of Class A Certificates allocable to interest, separately identifying any Unpaid Class A Interest Shortfall included in such distribution and the Determination Date for any remaining Unpaid Class A Interest Shortfall after giving effect to such Distribution Datedistribution;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distribution to Holders of each Class of Class A Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Unpaid Class Unpaid Interest Shortfall or Component Unpaid Interest A Principal Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(viiii) the Class Certificate Principal Balance of for each Class of Certificates prior to and Class A Certificates, after giving effect to the distribution of principal on such Distribution Remittance Date;
(iv) the Class A Percentage for such Remittance Date and the following Remittance Date;
(v) the Pool Scheduled Principal Balance of the Contracts for such Remittance Date;
(vi) the Pool Factor;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Datenumber and aggregate principal balances of Contracts delinquent (a) 30-59 days and (b) 60 or more days;
(viii) for each Loan Groupthe number of Manufactured Homes that were repossessed during the month ending immediately prior to such Remittance Date, the Senior Percentage number of repossessed Manufactured Homes that remain in inventory as of the last day of the related Due Period and repossessed Manufactured Homes purchased by the Subordinate Percentage for Originator or a subsidiary of the Originator from the Trust (during the related Due Period and cumulatively) by number of Contracts, aggregate Scheduled Principal Balance of such Distribution Date Contracts and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate purchase price;
(ix) number of Contracts and aggregate Scheduled Principal Balance of Contracts extended or otherwise amended during the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Due Period preceding current Remittance Date;.
(x) the Pass-Through Rate for each such Class of Certificates M-1 Distribution Test (or Component) with respect to such Distribution Dateas set forth in Exhibit N hereto);
(xi) for each Loan Group, the amount of Periodic Advances included Class M-2 Distribution Test (as set forth in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution DateExhibit N hereto);
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each Class B Distribution Test (as of the close of business on the last day of the calendar month preceding such Distribution Dateset forth in Exhibit N hereto);
(xiii) for each Loan Group, the number and aggregate principal amounts Weighted Average Contract Rate of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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 Dateall outstanding Contracts;
(xiv) the Class M-1 Interest Deficiency Amount, if any, 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 thereofRemittance Date;
(xv) for each Loan Group, the total number and principal balance of any REO Properties (and market valueClass M-2 Interest Deficiency Amount, if available) as of the close of business on the Determination Date preceding any, for such Distribution Remittance Date;
(xvi) for each Groupthe Class B-1 Interest Deficiency Amount, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage if any, for such Distribution Remittance Date;
(xvii) for each Loan Groupthe Overcollateralization Amount, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Groupif any, any PO Deferred Amounts for such Distribution Remittance Date;; and
(xviii) the Class 1-A-1 Notional Additional Principal Distribution Amount, Class 1-A-5 Notional Amountif any, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom be distributed on such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers Remittance Date pursuant to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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(a8.03(a)(12). In the case of information furnished pursuant to clauses (i) through (iii) and (iv) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Class A 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesdenomination. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, Class A Certificate a statement containing the information set forth in clauses (iii), (iv) with respect to interest accrued and (ix) of Section 5.04(a), in each case aggregated for principal paid on its Certificates during such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. 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 in force. The .
c. On each Remittance Date, the Trustee shall deliver forward or cause to be forwarded by mail to each Holder of a Class M-1 Certificate a copy of the Monthly Report forwarded to the Holders of Class A Certificates on such Remittance Date. The Servicer shall also furnish to the Trustee, which shall forward such report to the Class M-1 Certificateholders as part of the Monthly Report, the following information:
(i) the amount of such distribution to Holders of Class M-1 Certificates allocable to interest, separately identifying any reports or Unpaid Class M-1 Interest Shortfall included in such distribution, any remaining Unpaid Class M-1 Interest Shortfall after giving effect to such distribution, any Class M-1 Liquidation Loss Interest Amount included in such distribution and any remaining unpaid Class M-1 Liquidation Loss Interest Shortfall after giving effect to such distribution;
(ii) the amount of such distribution to Holders of Class M-1 Certificates allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein and any remaining Unpaid Class M-1 Principal Shortfall after giving effect to such distribution;
(iii) the Class M-1 Principal Balance and the Class M-1 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Remittance Date;
(iv) the Class M-1 Percentage for such Remittance Date and the following Remittance Date; and
(v) the information described above in Section 6.05(b)(v) through (xviii). In the case of the information in clauses (i) through (iii) above, the amounts shall be expressed as a dollar amount per Class M-1 Certificate with a $1,000 denomination. Within a reasonable period of time after the end of each calendar year, the Trustee is required shall furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Class M-1 Certificate a statement containing the applicable distribution information provided pursuant to this Section aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class M-1 Certificate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by this Agreement the Trustee pursuant to any requirements of the Code as from time to time enforced.
d. On each Remittance Date, the Trustee shall forward or cause to be forwarded by mail to each Holder of a Class M-2 Certificate a copy of the Code, Treasury Regulations or REMIC Provisions to deliver Monthly Report forwarded to the Holders of Certificates, Class A Certificates and the Trustee Class M-1 Certificates on such Remittance Date. The Servicer shall prepare and provide also furnish to the Trustee, which shall forward such report to the Class M-2 Certificateholders (by mailas part of the Monthly Report, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, following information:
(i) information the amount of such distribution to be reported Holders of Class M-2 Certificates allocable to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded interest, separately identifying any Unpaid Class M-2 Interest Shortfall included in such distribution, any remaining Unpaid Class M-2 Interest Shortfall after giving effect to the Holder of the Residual Certificate by the Trustee)such distribution, any Class M-2 Liquidation Loss Interest Amount included in such distribution and any remaining unpaid Class M-2 Liquidation Loss Interest Shortfall after giving effect to such distribution;
(ii) information the amount of such distribution to be provided to the Holders of Class M-2 Certificates with respect allocable to amounts which should be principal, separately identifying the aggregate amount of any Principal Prepayments included as interest therein and original issue discount in any remaining Unpaid Class M-2 Principal Shortfall after giving effect to such Holders' gross income and distribution;
(iii) the Class M-2 Principal Balance and the Class M-2 Adjusted Principal Balance (if different) after giving effect to the distribution of principal on such Remittance Date;
(iv) the Class M-2 Percentage for such Remittance Date and the following Remittance Date; and
(v) the information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described above in Section 7701(a)(19)(C6.05(b)(v) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values through (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timexviii).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xxxix) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each GroupClass, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution distributions of principal principal, and allocations of Applied Realized Loss Amounts, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Applied Realized Loss Amounts;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution DateDate and the Class CE Distributable Amount;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(x) the Accrued Certificate Interest in respect of each Class of Certificates for such Distribution Date and any related Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xi) Cap Carryover Amounts distributed on such Distribution Date, and the amounts remaining after giving effect to distributions thereof on such Distribution Date ;
(xii) for each Loan Groupany Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xiii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses,
(xiv) the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixv) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xivxvi) 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;
(xvxvii) 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;
(xvixviii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(xxii) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date and cumulatively since the Cut-off Date;
(xxiixxiii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;; and
(xxiiixxiv) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s ts the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-7)
Statements to Certificateholders. (a) Prior to the On each Distribution Date in each month(subject to Section 3.06(d)), the Certificate Administrator shall prepare, based upon solely on the information provided Underlying Monthly Report and any applicable Underlying Other Report delivered to it on behalf of the Trustee as the holder of the Underlying CMBS, and make available on the Servicer's Certificates delivered Certificate Administrator’s Website and, upon written request, shall forward by mail or in electronic format, to any Privileged Person, a Distribution Date Statement containing (among other things):
(i) the Trustee pursuant to Section 4.01 and with respect to subsections Available Principal Distribution Amount;
(xxii) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information Available Interest Distribution Amount with respect to such Distribution Date:Date and (C) any other amounts received in respect of interest on the Underlying CMBS);
(iiii) the date of such Distribution Date and the Determination Date applicable Pass-Through Rate for such Distribution Date;
(iiiv) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Extraordinary Issuing Trust Expenses incurred and Liquidation Proceeds included therein;
reimbursed with respect to such Distribution Date (ividentifying in each instance the portion of such Extraordinary Issuing Trust Expense that was (A) for each Groupreimbursed from amounts on deposit in the Expense Reimbursement Account, (B) deducted from the amount allocable Available Interest Distribution Amount otherwise distributable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution of Certificates, and (C) deducted from the Available Principal Distribution Amount otherwise distributable to any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionof Certificates);
(v) if the distribution amount of principal distributions to the Holders of such any Class of Regular Certificates is was less than the full amount that would be have been distributable to such Holders if there were had been a sufficient funds available thereforAvailable Principal Distribution Amount, the amount of the shortfall and the allocation thereof as between principal and interestsuch shortfall;
(vi) if the Class Certificate Balance amount of interest distributions to the Holders of the Certificates was less than the full amount that would have been distributable to such Holders if there had been a sufficient Available Interest Distribution Amount, the amount of such shortfall; and
(vii) the amount of Underlying CMBS Losses or other losses allocated to each Class of Regular Certificates prior to and after giving effect to the distribution of principal any distributions on such Distribution Date;
. In addition, within five (vii5) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(b) No later than Business Days following each Distribution Date, the Trustee, based upon information supplied Certificate Administrator is required to it on the Servicer's Certificate, shall make available (upon request) to each Holder of a Certificate, each Rating Agency any Privileged Person and post to the Servicer a statement setting forth Certificate Administrator’s Website the information set forth most recent Underlying Monthly Report and any Underlying Other Report prepared since the prior Distribution Date Statement was disseminated (or in Section 5.04(a). In the case of the initial Distribution Date Statement, since the Closing Date) to the extent that the Certificate Administrator is entitled to receive and disclose any such Underlying Monthly Reports and any Underlying Other Report as holder of the Underlying CMBS. The Certificate Administrator shall not be liable for making such information furnished available pursuant to clauses (iii) the terms of this Agreement. The Certificate Administrator’s obligation to provide such information to Certificateholders and (iv) others shall be contingent on and to the extent of Section 5.04(a)its receipt of such information from the Underlying Trustee, and the Underlying Certificate Administrator, as applicable. In calculating distributions upon the Underlying CMBS and other matters contained in its reports, the amounts Certificate Administrator shall be expressed entitled to rely conclusively on the Underlying Monthly Reports and any Underlying Other Report it receives as holder of the Underlying CMBS. Information posted to the Certificate Administrator’s Website shall not contain information available only by appointment with or otherwise upon request from a dollar amount per Certificate with a $1,000 Denominationparty to the applicable Underlying Trust Agreement. 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 Except in the statement case of the Controlling Class Representative, to the extent required with respect to the exercise of the Underlying CMBS Control Rights, and subject to the limitations thereon described in Section 5.04(a) for such Distribution Date. The Trustee will make the monthly statement to Certificateholders (and3.05, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s neither the Trustee prepares and files with nor the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can Certificate Administrator will be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order obligated 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 above parties regarding any such changes. request on behalf of any Certificateholder.
(b) Within a reasonable period of time after the end of each calendar year, upon written request, the Trustee shall furnish Certificate Administrator will also be required to make available via the Certificate Administrator’s Website to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, Certificateholder a statement containing the information set forth in clauses (iii)regarding payments of interest and principal and other amounts on such Person’s Certificate, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or the 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 is provided by the Trustee pursuant to any requirements of the Code as are from time to time in force. .
(c) The Trustee Certificate Administrator shall deliver make available to any Privileged Person via the Certificate Administrator’s Website the following items, to the Holders extent in the possession of Certificates the Certificate Administrator (unless the Certificate Administrator has actual knowledge that such items are not permitted by applicable law or under any reports of the Underlying Security Documents), (i) this Agreement and any amendments thereto; (ii) all Distribution Date Statements; (iii) any Special Notice; and (iv) any notices delivered to or received from or with respect to the Controlling Class Representative as “Directing Certificateholder”; provided that the Certificate Administrator shall not provide to Voting Rights Restricted Investors, as evidenced by the related Investor Certifications, or to any Controlling Class Representative any information that the Underlying Trustee or Underlying Certificate Administrator, as applicable, is prohibited from providing pursuant the Underlying Trust Agreement. In addition, the Certificate Administrator shall use its reasonable best efforts to grant, or to cause to be granted, to each Privileged Person access to the websites maintained by the Underlying Trust Fund for purposes of viewing the Underlying Monthly Reports and any Underlying Other Report. For the avoidance of doubt, the parties hereto agree that for this purpose each Certificateholder is a beneficial owner of the Underlying CMBS. Copies of any and all of the foregoing items and any other information made available under the Underlying Trust Agreement to which a holder of the Underlying CMBS would be so entitled shall be made available by the Certificate Administrator to any Privileged Person (unless the Certificate Administrator has actual knowledge that such items are not permitted to be made available by applicable law or under any of the Underlying Security Documents) at the Corporate Trust Office, to the extent in its possession, upon reasonable request. As a condition to access to the Certificate Administrator’s Website, the Certificate Administrator may require registration and the acceptance of a disclaimer. Neither the Certificate Administrator nor the Trustee is required by will be liable for the dissemination of information in accordance with this Agreement or Agreement. Each of the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, Certificate Administrator and the Trustee shall prepare and provide be entitled to rely on but shall not be responsible for the Certificateholders (content or accuracy of any information provided to it by mail, telephonethe Underlying Trustee, or publication as any other Person and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.
(d) Notwithstanding the foregoing, in the event the Certificate Administrator determines (it being understood the Certificate Administrator is not under any obligation pursuant to this Agreement to make such determination) that the Underlying Trust Agreement prohibits the Certificate Administrator from disclosing or furnishing the information described in this Section 3.06 in the manner described in this Section 3.06, or if a Responsible Officer of the Certificate Administrator has actual knowledge that the Underlying Trust Agreement imposes any limitation on the Certificate Administrator’s disclosing or furnishing any such information, the Certificate Administrator will not be permitted by applicable Treasury Regulations) required to deliver such other reasonable information as and will not be required to exceed any such limitation imposed on it. In the Trustee deems necessary event that a Certificateholder or appropriate a prospective investor in the Certificates requests any information or access to any information that the Certificate Administrator is required by the Code, Treasury Regulationsto provide pursuant to this Section 3.06, and the REMIC Provisions includingCertificate Administrator believes in good faith that based on the terms of the Underlying Trust Agreement or on any requirements imposed by any provider of such information under the Underlying Trust Agreement (notwithstanding any confidentiality agreements or other agreements or certifications provided) that providing such information or access thereto may subject the Certificate Administrator to any claim, damage or liability as a result thereof, the Certificate Administrator may, as a condition to providing such information or access thereto, request that such Certificateholder or prospective investor provide the Certificate Administrator security or indemnity satisfactory to it against the costs, claims, damages or liability that may be incurred thereby.
(e) The Certificate Administrator shall (upon request but not limited to, (i) information to be reported subject to the Holder limitations in subsections (c) and (d) above) provide any Privileged Person copies of all notices, reports or other materials received by it on behalf of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to Trustee as the Holder holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage Underlying CMBS from any provider of such assets of each REMIC, nothing contained in this information under the Underlying Trust Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) (i) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxV) and (xxiW) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Shifting Interest Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(iiB) for each ClassShifting Interest Loan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iiiC) for each Shifting Interest Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) for each Shifting Interest Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) if the distribution to the Holders of such Class of Shifting Interest 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Shifting Interest Certificates prior to before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Shifting Interest Loan Group, the Pool aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group for the preceding Distribution Date and the related Distribution Date;
(H) for each Shifting Interest Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(viiiI) for each Loan Group, the Aggregate Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ixJ) the amount of the Servicing Fee Fees paid to or retained by the Servicer Servicers with respect to each Shifting Interest Loan Group and such Distribution Date;
(xK) the Pass-Through Rate for each such Class of Shifting Interest Certificates (or Component) with respect to such Distribution Date;
(xiL) for each Loan Groupwith respect to the Shifting Interest Mortgage Loans, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiiiM) for each Shifting Interest Loan Group, the number and aggregate principal amounts of Shifting Interest Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivN) for each Shifting Interest Loan Group, with respect to any Shifting Interest Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregated Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvO) for each Shifting Interest 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;
(xviP) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Shifting Interest Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Datemonth;
(xviiiQ) for each Shifting Interest Loan Group, the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Reimbursement Amount;
(xixR) for each Shifting Interest Loan Group, the amount of Recoveries;
(S) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiT) any material modifications, extensions or waivers to Shifting Interest Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiU) for each Shifting Interest Loan Group, the number and aggregate Stated Principal Balance of Shifting Interest Mortgage Loans, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Shifting Interest Mortgage Loan representations and warranties relating to of which the Mortgage Loans and any material breach of covenants hereunderSecurities Administrator has knowledge or has received written notice;
(xxiiiW) unless such information is otherwise set forth in the number Form 10-D relating to such Distribution Date and aggregate principal balance provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any Mortgage Loans repurchased by covenants under this Agreement of which the Depositor from the Trust since the previous Distribution DateSecurities Administrator has knowledge or has received written notice; and
(bX) No later than each whether any exchanges of Exchangeable Certificates or Exchangeable REMIC Certificates have taken place since the preceding Distribution Date, the Trusteeand, 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 (iii) and (iv) of Section 5.04(a)if applicable, the amounts shall be expressed Class designations, Class Certificate Balances and any interest and principal paid, including any shortfalls allocated, of any Classes of Exchangeable REMIC Certificates or Exchangeable Certificates that were received by the Certificateholder 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage result of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeexchange.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. On each Distribution Date the Trustee shall forward by mail to each Holder of a Regular Certificate a statement, parts of which shall be based upon Servicer Information and upon which the Trustee shall conclusively rely without independent verification, as to the distributions made on such Distribution Date setting forth the following information:
(a) Prior to the Distribution Date in each month, based upon amount of the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Datedistribution;
(iib) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds monthly scheduled payments of principal for each Group or other recoveries of principal included thereintherein and separately identifying any Overcollateralization Deficiency Amounts for each Group;
(ivc) for each Group, the amount of the distribution allocable to interest, any ;
(d) (Reserved);
(e) the Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included Certificate Principal Balance of each Regular Certificate (including information based on a Certificate in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall the original principal amount of $1,000) after giving effect to any payment of principal on such distributionDistribution Date;
(vf) 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 and the allocation thereof as between principal and interest(Reserved);
(vig) the Class Certificate Balance of Overcollateralization Target Amount for each Class of Certificates prior to and Group;
(h) the Overcollateralization Deficiency Amount, if any, for each Group after giving effect to the distribution of principal on such Distribution Date;
(viii) the amount, if any, of Realized Losses for each Loan Group for the related Due Period;
(j) the Overcollateralized Amount for each Group, the Pool Stated Principal Balance for if any, remaining after giving effect to all distributions on such Distribution Date;
(viiik) the Unpaid Interest Shortfall Amount, if any, for each Loan Class of Regular Certificates for each Group, ;
(l) the Senior Percentage and total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Subordinate Percentage Servicer with respect to the related Due Period for such Distribution Date and each Group;
(m) the Total Senior Percentage and Aggregate Subordinate Percentage weighted average Mortgage Rate of the Mortgage Loans for each Group as of the last day of the calendar month preceding the month of such Distribution Date;
(ixn) the current weighted average of the remaining terms of the Mortgage Loans for each Group;
(o) the number of Mortgage Loans outstanding for each Group;
(p) the cumulative number and Loan Balances of liquidated Mortgage Loans for each Group;
(q) the amount of cumulative Realized Losses and its percentage of the Servicing Fee paid Maximum Collateral Amount for each Group;
(r) the aggregate of the Loan Balances of the Group I Mortgage Loans secured by Small Mixed-Use/MultiFamily Properties and the aggregate of the Loan Balances of the remaining Group I Mortgage Loans;
(s) Reserved;
(t) the current outstanding aggregate Loan Balances of the Mortgage Loans for each Group as of the last day of the related Due Period;
(u) the original Cut-Off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or retained by 3.07 hereof;
(v) the Servicer with respect to Remittance Report (defined in Section 4.06);
(w) the Regular Principal Distribution Amount for each Loan Group and for such Distribution Date;
(x) the statement or report on all earnings on and withdrawals from the Capitalized Interest Account and the Pre-Funding Account;
(y) the Class A-7 Priority General Distribution Amount and the Class A-7 Priority Excess Distribution Amount for such Distribution Date;
(z) with respect to each Group, the Allocable Loss Amounts, if any, allocated to each class of the Mezzanine and Subordinate Certificates of such Group;
(aa) whether a Trigger Event has occurred and is continuing;
(bb) the Optimal Principal Balance of each class of Regular Certificates;
(cc) the Pass-Through Rate for each class of Group II Certificates for such Class Distribution Date; and
(dd) the amount on deposit in the Pre-Funding Account and in the Capitalized Interest Account. Items (a), (b) and (c) above shall also be presented on the basis of Certificates a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trustee shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trustee pursuant to Section 3.18(a) hereof upon which the Trustee may conclusively rely without independent verification:
(or ComponentA) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number of, and aggregate Stated Principal Loan Balance (including the percentage equivalent relative to the aggregate Loan Balance of the all Mortgage Loans) of, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (Ai) 30-59 days delinquent, (ii) 60-89 days delinquent and (iii) 90 days or more delinquent (exclusive of which statistics shall include Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosureand bankruptcy but which shall exclude REO Properties), as of the close of business on the last day of the calendar month next preceding such Distribution Date and the aggregate Loan Balances of all Mortgage Loans as of such date;
(B) the number of, and aggregate Loan Balance of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C)) in bankruptcy and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(xivC) for each the number of, and the aggregate Loan GroupBalance of, with respect to the related Mortgage Loans in bankruptcy proceedings (other than any Mortgage Loans described in clause (B)) and the percent of the aggregate Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all as of the close of business on the Determination Date last day of the calendar month next preceding such Distribution Date and the date of acquisition thereofDate;
(xvD) for each Loan Groupthe number of REO Properties, the total number and principal balance aggregate Loan Balances of any the related Mortgage Loans, the book value of such REO Properties (and market valuethe percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, if available) all as of the close of business on the Determination Date last day of the calendar month next preceding such Distribution Date;
(xviE) for each GroupMortgage Loan which is an REO Property, the Senior Prepayment Percentage Loan Balance of such Mortgage Loan, the loan number of such Mortgage Loan, the Value of the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the Subordinate Prepayment Percentage for such Distribution Dateamount of any unreimbursed Delinquency Advances and Servicing Advances;
(xviiF) for each Mortgage Loan Groupwhich is in foreclosure, the aggregate amount Loan Balance of Realized Losses incurred during such Mortgage Loan, the preceding Value of the Mortgaged Property, the Loan-to-Value Ratio as of the date of origination, the Loan-to-Value Ratio as of the close of business on the last day of the calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to next preceding such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderlast paid-to-date;
(xxiiiG) the number and aggregate principal balance of any each Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateLoan that was modified or extended pursuant to Section 2.10 or 3.01 hereof; and
(bH) No later than each Distribution Date, the Trustee, based upon outstanding Loan Balance of the then largest Group II Mortgage Loan. The 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 provided in Section 5.04(a). In the case of information furnished pursuant to clauses (iiiA) and through (ivG) of Section 5.04(a), the amounts above shall be expressed as provided on 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10Group-D, annual reports on Form 10by-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesGroup basis. Within a reasonable period (which shall not be more than 45 days) 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 the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (iii)a) through (c) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person 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. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and On each Distribution Date the Trustee shall prepare and provide forward to the Depositor, Cityscape, each Holder of a Class R Certificate and to the Servicer a copy of the reports forwarded to the Regular Certificateholders (on such Distribution Date, and a report of the amounts, if any, actually distributed with respect to the Class R Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish to any Person who at any time during the calendar year was a Holder of a Class R Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trustee upon written request shall forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by mailthe Trustee, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Codecase may be, Treasury Regulations, and the REMIC Provisions including, but not limited to, copies of any (i) information to be reported directions, notices, certificates, opinions or reports furnished hereunder by the Trustee to the Holder of Servicer, Cityscape, the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to Depositor or the Holder of the Residual Certificate by the Trustee)Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information to be provided or document furnished to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income Trustee by the Servicer, Cityscape, the Depositor or the Rating Agencies and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined anything requested in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected writing by any Certificateholder which the Trustee otherwise sends to some other Person pursuant to this Agreement (excluding, however, routine items sent to Mortgagors, taxing or local property records authorities and similar items) which, in its absolute discretionthe case of clause (iii), that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Codesuch Certificateholder is not otherwise receiving; provided, however, that in setting forth the percentage of any such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, documents or information -------- ------- requested under clause (iii) shall be interpreted to require at the expense of the requesting Certificateholder; provided, further, that the Trustee periodically shall not be required -------- ------- to appraise the fair market values of the assets of the Trust Estate provide any document or to indemnify the Trust Estate or any Certificateholders information which it is otherwise legally prohibited from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeproviding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 IO Notional Amount, Class 12-A-5 IO Notional Amount, Class X3-IO Notional Amount, Class 4-IO Notional Amount, Class 5-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XSES Notional Amount, Class 3-IO SES Notional Amount, Class 4-SES Notional Amount and Class XB5-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Alternative Loan Trust 2003 11)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such actual Distribution Date, the related Record Date and the Determination Date Interest Accrual Period for each Class for such Distribution Date;
(ii) for each ClassLoan Group, the applicable Record Date and Interest Accrual Periodrelated Pool Distribution Amount;
(iii) for each Loan Group, the amount of the Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance of each Class of Certificates prior to before and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such the preceding Distribution Date and the related Distribution Date;
(viii) for each Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and Date;
(ix) the Total Senior Percentage and Aggregate the Total Subordinate Percentage for such Distribution Date;
(ixx) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date and the amount of the Trustee Fee paid to or retained by the Trustee with respect to each Loan Group and such Distribution Date;
(xxi) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xixii) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution the Determination Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month immediately preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiv) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregated Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and month;
(xvii) for each Loan Group, any PO Deferred Amounts for such Distribution Datethe Reimbursement Amount;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxixix) any material modificationsfor each Loan Group, extensions or waivers to the number of Mortgage Loan termsLoans at the end of the applicable reporting period, fees, penalties or payments since and the previous Distribution DateNet WAC and weighted average remaining term;
(xxiixx) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Trustee has knowledge or has received written notice; and
(xxi) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Trustee has knowledge or has received written notice. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(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 (iii) and (iv) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee shall prepare and furnish make available 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 DateDate (a "Monthly Statement"). The Trustee will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.Internet
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-E Trust)
Statements to Certificateholders. (a) Prior to the On each Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered shall forward or cause to the Trustee pursuant be forwarded by mail to Section 4.01 each Holder of a Certificate and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine Insurer, the following Master Servicer and the Rating Agencies, a statement based on information with respect provided by the Master Servicer as to such Distribution Datedistribution setting forth:
(i) (a) the date amount of such Distribution Date distribution to the Certificateholders of each Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for the amount of such distribution to Holders of each Class, the applicable Record Date and Interest Accrual PeriodClass of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution to the Holders of such any 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding included in such distribution as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xiiv) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage LoansLoans at the close of business on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the ranges number and aggregate Stated Principal Balance of Mortgage Loans (a) delinquent 31 to 60 days, (b) delinquent 61 to 90 days, (c) delinquent 91 days or more;
(viii) the number, aggregate principal balance and book value of any REO Properties;
(ix) the aggregate Accrued Certificate Interest Rates remaining unpaid, if any, for each Class of Certificates after giving effect to the Mortgage Loans, separated by 0.25%, distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses for such Distribution Date;
(xi) the aggregate amount of any recoveries on previously foreclosed loans from the Seller due to a breach of representation or warranty;
(xii) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts weighted average Mortgage Rates of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, as of after giving effect to the close of business amounts distributed 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;
(xiv) for each Loan Groupthe amount of the Reserve Fund YMA Addition, with respect the amount of any amounts removed from the Reserve Fund, and whether such amounts were used to cover Basis Risk Shortfall or to pay the Class SB Certificates;
(xv) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(e) and the amount of Cumulative Insured Amounts after giving effect to any Mortgage Loan that became an REO Property during such Insured Amount or any such reimbursement payment to the preceding calendar month, Insurer;
(xvi) the loan number aggregate of any deposits to and Stated Principal Balance of such Mortgage Loan as of withdrawals from the close of business on the Determination Date preceding Reserve Fund for such Distribution Date and the date of acquisition thereof;
(xv) for each Loan Group, remaining amount on deposit in the total number Reserve Fund after such deposits 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;withdrawals; and
(xvii) for each Loan Group, amounts received under the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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)Yield Maintenance Agreement. In the case of information furnished pursuant to clauses subclauses (iiii)-(iii) and (iv) of Section 5.04(a)above, the amounts shall also 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesSingle Certificate. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish prepare and forward, to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses subclauses (i) - (iii)) above, (iv) aggregated for such calendar year or applicable portion thereof during which such person was a Certif icateholder. 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 and (ix) regulations thereunder as from time to time are in force. On each Distribution Date the Trustee shall prepare and forward, to each Holder of Section 5.04(a)a Residual Certificate a copy of the reports forwarded to the other Certificateholders on such Distribution Date. Within a reasonable period of time after the end of each calendar year, in the Trustee shall prepare and forward, to each case Person who at any time during the calendar year was a Holder of a Residual Certificate a statement containing the information provided pursuant to the previous paragraph 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 as from time to time are in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxW) and (xxiX) below, after consultation with the Depositor, the Trustee Securities Administrator shall determine the following information with respect to the Certificates and such Distribution Date:
(iA) the date of such actual Distribution Date, the Record Date and the Determination Date Interest Accrual Period for each Class of Certificates for such Distribution Date;
(iiB) the Pool Distribution Amount for each Class, the applicable Record Date and Interest Accrual PeriodLoan Group;
(iiiC) the amount of the Pool Distribution Amount for each Group, the amount Loan Group allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Prepayments, Liquidation Proceeds and other components included therein;
(ivD) the amount of the Pool Distribution Amount for each Group, the amount Loan Group allocable to interestinterest and for each Related Group, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(vE) 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 and the allocation thereof as between principal and interest;
(viF) the Class Certificate Balance of each Class of Certificates prior to and the Component Balance of each Component before and after giving effect to the distribution of principal on such Distribution Date;
(viiG) for each Loan Group, the Pool Stated Principal Balance for such the preceding Distribution Date and the related Distribution Date;
(viiiH) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for each Loan Group, Group and each Distribution Date and the Aggregate Crossed Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Crossed Subordinate Percentage for such Distribution Date;
(ixI) the amount of the Servicing Fee Administrative Fees paid to or retained by the Servicer Servicers with respect to each Loan Group and such Distribution Date;
(xJ) the Pass-Through Rate for each such Class of Certificates (or Component) and each Component with respect to such Distribution Date;
(xiK) for each Loan Group, the amount of Periodic Advances with respect to the Mortgage Loans included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term with respect to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month Determination Date immediately preceding such Distribution Date;
(xiiiL) for each Loan Group, the number and aggregate principal amounts of the Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure 31 to 60 days, 61 to 90 days and 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivM) for each Loan Group, with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofof the REO Properties;
(xvN) 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;
(xviO) the aggregate amount of Realized Losses with respect to the Loan Group incurred during the preceding calendar month and any PO Deferred Amounts for the Class 4-PO Certificates and each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage X-PO Component for such Distribution Date;
(xviiP) the Class 2-X-IO Notional Amount, the Class 3-X-IO Notional Amount, the Class X-IO Notional Amount and the Class 4-IO Notional Amount for such Distribution Date;
(Q) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution DateReimbursement Amounts;
(xviiiR) for each Loan Group, the Class 1amount of Recoveries, the PO Recovery and the Non-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional AmountPO Recovery;
(xixS) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxiT) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxiiU) for the Mortgage Loans contributing to or in each Loan Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage Interest Rate, the weighted average remaining term, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Trustee Securities Administrator is reasonably able to include such information on in the statement, any material breaches of Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice;
(W) unless such information is otherwise set forth in the Form 10-D relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, material breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice; and For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on the so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans and any material breach Loans. By way of covenants hereunder;
(xxiii) the number and aggregate principal balance of any example, a Mortgage Loans repurchased Loan would be delinquent with respect to a Monthly Payment due on a Due Date if such Monthly Payment is not made by the Depositor from close of business on the Trust since Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Monthly Payment if such Monthly Payment were not made by the previous Distribution close of business on the Mortgage Loan's second succeeding Due Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicer, a single statement setting forth the information set forth in Section 5.04(aSections 5.05(a). In the case of information furnished pursuant to clauses (iii) and (iv) 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 Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement Master Servicer's Certificate described in Section 5.04(a) 4.01 for such Distribution Date. The Trustee Securities Administrator will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same or additional information in an alternative format) available each month to Certificateholders, Certificateholders and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements Monthly Statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivC) and (ixD) of Section 5.04(a), in each case 5.05(a) aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMICREMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-8 Trust)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 5-CE Distributable Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) with respect to the Shifting Interest Certificates, 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for Loan Group 5, the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(vi) for each Shifting Interest Loan Group, the Pool Stated Principal Balance for the following Distribution Date and for Loan Group 5, Loan Subgroup 5A and Loan Subgroup 5B, the aggregate Stated Principal Balance of the Group 5 Mortgage Loans, the Subgroup 5A Mortgage Loans and Subgroup 5B Mortgage Loans, as applicable, as of the Due Date in the month of such Distribution Date;
(viiivii) for with respect to each Shifting Interest Loan Group, the Senior Percentage for each Loan Group, and the Subordinate Percentage for such the following Distribution Date and Date, the Total CB Crossed Loan Group Senior Percentage and Aggregate the CB Crossed Loan Group Subordinate Percentage for such the following Distribution Date;
(ixviii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Shifting Interest Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xv) the Notional Amount for each Class of Interest-Only Certificate for such Distribution Date;
(xvi) the Accrued Certificate Interest in respect of each Class of Group 5 Certificates for such Distribution Date and any related Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xvii) with respect to Loan Group 5, the Cap Carryover Amounts distributed on such Distribution Date, the amounts remaining after giving effect to distributions thereof on such Distribution Date, the amount of all Cap Carryover Amounts covered by withdrawals from the Reserve Account on such Distribution Date;
(xviii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original aggregate Stated Principal Balance of Loan Group 5;
(xix) the Available Funds;
(xx) for each Loan Group, the aggregate amount of Realized Losses or Applied Realized Loss Amounts, as applicable, incurred during the preceding calendar month and for each Group, any PO Deferred Amounts Group for such Distribution DateDate separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxxi) for each Loan Group, the amount of total RecoveriesBuy-Down Funds, the PO Recovery Recoveries and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;Reimbursement Amounts; and
(xxii) unless such information is set forth in the Form 10-D relating to amount of the distribution made on such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach Holders of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andClass 5-P Certificates.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a5.06(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a5.06(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a5.06(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the NIMS Insurer and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to the NIMS Insurer and each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a5.06(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders Holder of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Payoffs, Curtailments, Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group(A) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date and (B) the Total Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and Aggregate the Subordinate Prepayment Percentage for such the following Distribution Date;
(ixvii) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xviii) the amount of the WMMSC Master Servicing Fee paid to the WMMSC Master Servicer with respect to such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xiixi) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) 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;
(xviiixv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X30-IO Notional Amount and Class XB-IO Notional Amountfor such Distribution Date;
(xixxvi) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment WF Master Serviced Loan Reimbursement Amounts and the parties to whom such payments were made;WMMSC Master Serviced Loan Reimbursement Amounts; and
(xxxvii) for each Loan Group, the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating Recovery allocated to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; andClass 30-PO Certificates.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer Master Servicers a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each the REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-1 Trust)
Statements to Certificateholders. (a) Prior The Trustee shall prepare, or cause to the be prepared, and mail not later than each Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine Servicer, the following information with Rating Agency, the Manager, the Initial Purchasers and each Certificateholder of each Class and, upon written request to the Trustee, Beneficial Owners of the Regular Certificates a statement (the "Monthly Statement") in respect to such Distribution Date:
(i) the date of such Distribution Date and setting forth to the Determination Date for extent applicable to such Distribution Date;Class:
(iia) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of the distribution from the Certificate Account allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Unscheduled Payments and Liquidation any Voluntary Prepayments, Loss Proceeds and Net Proceeds included thereintherein and specifying the source thereof;
(ivb) the aggregate amount of the distribution from the Certificate Account and the Default Interest Account allocable to interest for each GroupClass, separately identifying the amount allocable to interestpaid in respect of (w) interest at the applicable Certificate Interest Rates, (x) the amount of any Class Additional Interest, (y) any Unpaid Additional Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution Shortfalls and (z) any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionDefault Rate Interest;
(vc) the aggregate amount of the distribution from the Certificate Account allocable to Prepayment Premiums;
(d) if the distribution to the Holders Certificateholders of such any Class in respect of Certificates 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 funds available thereforAvailable Distribution Amount, the amount of the such shortfall for each Class and the allocation thereof as between principal interest and interestprincipal;
(vie) 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 Balance of each Class of Certificates prior to and Principal Balances after giving effect to the distribution of principal on the Certificates on such Distribution Date;
(viih) the Mortgage Loan Principal Balance and the Allocated Loan Amount for each Loan Group, of the Pool Stated Principal Balance Mortgaged Properties for such Distribution Date;
(viiii) for each identification of any Mortgage Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount Event of the Servicing Fee paid to Default or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class any Event of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosureDefault under this Agreement, as of the close of business on the last day of the immediately preceding calendar month preceding such Distribution Date month;
(j) the Class A, Class B, Class C and (C) in bankruptcy as of Class D Percentages for the close of business on the last day of the calendar month preceding such following Distribution Date;
(xivk) the amount of servicing compensation paid to the 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 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 Group, during the succeeding twelve-month period;
(n) if a P&I Advance Appraisal has been completed by an Appraiser with respect to any Mortgage Loan that became an REO Foreclosed Property during and is available to the preceding calendar monthServicer or has otherwise been completed by or at the direction of the Servicer in accordance with MAI standards and methodologies, the loan number and Stated Principal Balance appraised value of such Mortgage Loan Foreclosed Property as of the close date of business on the Determination Date preceding any such Distribution Date P&I Advance Appraisal (and the date Servicer shall also provide the Rating Agency with a copy of acquisition thereof;all such appraisals); and
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxio) any material modifications, extensions waivers or waivers to amendments of any of the terms of the Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is Loan. Each amount set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(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 (iiia) and through (ivf) of Section 5.04(a), the amounts shall above will be expressed as a dollar amount per Certificate with a $1,000 Denominationof original principal amount of each Class of Certificates. On 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 Distribution Datecalendar 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 prepare and furnish provide such reports to each Financial Market Service, in electronic or such other format and media mutually agreed upon by Owner at 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies expense of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating suchTrust Fund. The Trustee shall have the right not be liable for its failure to change the way the monthly statements to Certificateholders are distributed in order to make deliver such distribution more convenient and/or more accessible report to the above parties and extent such failure is a result of the Servicer's failure to deliver such report to the Trustee shall provide in a timely and adequate notification to all above parties regarding any such changesmanner. Within a reasonable period of time after 60 days following the end of each calendar year, the Trustee shall furnish prepare, or cause to be prepared, and mail to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, Certificateholder (i) a statement containing the aggregate information set forth in clauses subclauses (iii), (iva) and (ixb) of Section 5.04(a), in each case aggregated above for such calendar year or applicable portion thereof during which such Person person was a CertificateholderCertificateholder and (ii) such other customary information as the Trustee deems necessary or desirable for Certificateholders to prepare their federal, state and local income tax returns. 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 in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee Securities Administrator on the Master Servicer's Certificates Certificate delivered to the Trustee Securities Administrator pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee Securities Administrator shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each Loan Group, the amount allocable to interest, the Class 7-CE Distributable Amount, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) with respect to the Shifting Interest Certificates, 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for Loan Group 7, the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of such Distribution Date and the Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(vi) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(vii) with respect to each Shifting Interest Loan Group, the Senior Percentage for each Loan Group, and the Subordinate Percentage for the following Distribution Date, the CB Crossed Loan Group Senior Percentage, the CB Crossed Loan Group Subordinate Percentage, the DB Crossed Loan Group Senior Percentage and the DB Crossed Loan Group Subordinate Percentage for the following Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the each Servicer with respect to each Loan Group and such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiixi) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxii) 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;
(xvxiii) 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;
(xvixiv) for each Shifting Interest Loan Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xv) the Notional Amount for each Class of Interest-Only Certificate for such Distribution Date;
(xvi) the Accrued Certificate Interest in respect of each Class of Group 7 Certificates for such Distribution Date and any related Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xvii) with respect to Loan Group 7, the Cap Carryover Amounts distributed on such Distribution Date, the amounts remaining after giving effect to distributions thereof on such Distribution Date, the amount of all Cap Carryover Amounts covered by withdrawals from the Reserve Account on such Distribution Date;
(xviii) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Stated Principal Balance of Loan Group 7;
(xix) the Available Funds;
(xx) for each Loan Group, the aggregate amount of Realized Losses or Applied Realized Loss Amounts, as applicable, incurred during the preceding calendar month and for each Group, any PO Deferred Amounts Group for such Distribution Date;Date separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts; and
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xxxxi) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(b) No later than each Distribution Date, the TrusteeSecurities Administrator, based upon information supplied to it on the Master Servicer's CertificateCertificates, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicer a statement setting forth the information set forth in Section 5.04(a5.06(a). In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a5.06(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, the Trustee Securities Administrator shall prepare and furnish make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the TrusteeSecurities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a5.06(a) for such Distribution Date. The Trustee Securities Administrator will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, . The Securities Administrator's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of ." Assistance in using the website can be obtained by ca▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trusteeities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a5.06(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in force. The Trustee Securities Administrator shall deliver to the Holders of Certificates any reports or information the Trustee Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee Securities Administrator shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee Securities Administrator deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the TrusteeSecurities Administrator), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee Securities Administrator in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee Securities Administrator periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder and the Company a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and shortfall; NY1-208988.4 93
(iv) the allocation thereof as between principal and interestamount of any Advance by the Master Servicer pursuant to Section 4.04;
(viv) the Class Certificate number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of Certificates, and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate with respect to the Class A-7 Certificates and each Subclass, if any, thereof;
(xiii) the Class A-7 Notional Amount and each Class A-7 Subclass Notional Amount;
(xiv) the occurrence of the Credit Support Depletion Date and the Accretion Termination Date;
(xv) the Senior Accelerated Distribution Percentage applicable to such distribution; NY1-208988.4 94
(xvi) the Senior Percentage for such Distribution Date;
(xiixvii) the aggregate amount of Realized Losses for each Loan Group, such Distribution Date;
(xviii) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xix) the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating after giving effect to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxx) No later than each the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such 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 (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution DateIn addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Trustee Master Servicer shall prepare and furnish provide to each Financial Market Serviceany manager of a trust fund consisting of some or all of the Certificates, in electronic or upon reasonable request, such other format and media mutually agreed upon additional information as is reasonably obtainable 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. The Trustee will make the monthly statement to Certificateholders (and, Master Servicer at its option, any no additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible expense to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. Master Servicer.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee Master Servicer shall furnish 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, if requested in writing by such Personother than a Class R Certificate, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Master Servicer pursuant to any requirements of the Code as from Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificatesbe prepared, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephoneforward, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information cause to be reported forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the Residual Certificate applicable distribution information provided pursuant to this Section 4.03 aggregated for quarterly notices on Schedule Q (Form 1066) (such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be forwarded to the Holder of the Residual Certificate provided by the Trustee), (ii) information Master Servicer pursuant to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 any requirements of the Code. NY1-208988.4 95
(d) Upon the written request of any Certificateholder, and assets described in Section 7701(a)(19)(C) of the Code; providedMaster Servicer, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereofas soon as reasonably practicable, shall be interpreted to require provide the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federalrequesting Certificateholder with such information as is necessary and appropriate, state or local tax consequences associated with a change subsequently required to be made in the DepositorMaster Servicer's initial good faith determinations sole discretion, for purposes of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.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. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 IO Notional Amount, Class 12-A-5 IO Notional Amount, Class X3-IO Notional Amount, Class 4-IO Notional Amount, Class 5-IO Notional Amount, Class 6-IO Notional Amount, Class 30-B-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XSES Notional Amount, Class 3-IO SES Notional Amount, Class 4-SES Notional Amount, Class 5-SES Notional Amount and Class XB6-IO SES Notional AmountAmount for such Distribution Date;
(xixxvi) any expenses or indemnification amounts paid by the Trust, the specific purpose of Ancillary Income for each payment and the parties to whom Class SES Component for such payments were madeDistribution Date;
(xxxvii) the Class SES Compensating Interest for such Distribution Date; and
(xviii) for each Loan Group, Group the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and.
(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 (iiii) and (ivii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ix) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Statements to Certificateholders. (a) Prior Concurrently with each distribution to Certificateholders, the Securities Administrator shall make available to the Distribution Date in parties hereto and each month, based upon Certificateholder via the information provided to the Trustee on the ServicerSecurities Administrator's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) internet website as set forth below, after consultation with the Depositor, the Trustee shall determine the following information with respect to (such Distribution Date:information the "Monthly Statement"):
(i) the date amount of the distribution made on such Distribution Date and to the Determination Date for such Distribution DateHolders of each Class of Certificates, separately identified, allocable to principal;
(ii) for the amount of the distribution made on such Distribution Date to the Holders of each ClassClass of Certificates allocable to interest, the applicable Record Date and Interest Accrual Periodseparately identified;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments the Servicing Fee during the related Due Period and Liquidation Proceeds included thereinsuch other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(iv) the aggregate amount of Monthly Advances for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionrelated Due Period;
(v) 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 aggregate Stated Principal Balance of the shortfall Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans, Group V Mortgage Loans and Group VI Mortgage Loans at the allocation thereof as between principal and interestclose of business at the end of the related Due Period;
(vi) the Class Certificate Balance number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of each Class the Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans, Group V Mortgage Loans and Group VI Mortgage Loans as of Certificates prior to and after giving effect to the distribution of principal on such Distribution related Due Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance unpaid principal balance of the Group I Mortgage Loans, the ranges of Mortgage Interest Rates for the Group II Mortgage Loans, separated by 0.25%Group III Mortgage Loans, the weighted average remaining term to maturity of the Group IV Mortgage Loans, Group V Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Group VI Mortgage Loans (Aa) one month, two months or three months delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other dispositionon a contractual basis, (Bb) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date to which foreclosure proceedings have been commenced and (Cc) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution DateDate determined in accordance with the MBA method;
(xivviii) for each Loan Group, with respect to any Group I Mortgage Loan, Group II Mortgage Loan, Group III Mortgage Loan, Group IV Mortgage Loan, Group V Mortgage Loan or Group VI Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Group I Mortgage Loan, Group II Mortgage Loan, Group III Mortgage Loan, Group IV Mortgage Loan, Group V Mortgage Loan or Group VI Mortgage Loan as of the date it became an REO Property;
(ix) the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date and the date of acquisition thereof;
(xv) for each Loan GroupDate, and, cumulatively, the total number and cumulative principal balance of any all REO Properties (and market value, if available) as of the close of business on of the Determination Date last day of the preceding such Distribution Datedue period;
(xvix) for each Group, the Senior aggregate amount of Principal Prepayments made during the related Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution DatePeriod;
(xviixi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month related Due Period and for each Group, any PO Deferred Amounts the cumulative amount of Realized Losses;
(xii) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Master Servicer Collection Account for such Distribution Date;
(xviiixiii) the Class 1-A-1 Notional AmountCertificate Balance of each Class of Certificates, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountafter giving effect to the distributions made on such Distribution Date;
(xixxiv) any expenses or indemnification amounts paid by the Trust, aggregate amount of interest accrued at the specific purpose of related Pass-Through Rate with respect to each payment Class during the related Interest Accrual Period and the parties to whom respective portions thereof, if any, remaining unpaid following the distributions made in respect of such payments were madeCertificates on such Distribution Date;
(xxxv) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the amount of total Recoveries, extent not covered by Compensating Interest Payments by the PO Recovery and related Servicer or the Non-PO RecoveryMaster Servicer pursuant to the related Servicing Agreement or Section 6.06;
(xxixvi) any material modificationsthe Group I Available Funds, extensions or waivers to Mortgage Loan termsGroup II Available Funds, feesGroup III Available Funds, penalties or payments since the previous Distribution DateGroup IV Available Funds, Group V Available Funds and Group VI Available Funds;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvii) the number and aggregate principal balance Pass-Through Rate for each Class of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Certificates for such Distribution Date; and
(bxviii) No later than the aggregate Stated Principal Balance of Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans, Group V Mortgage Loans and Group VI Mortgage Loans purchased by the Seller during the related Due Period and indicating the Section of this Agreement requiring or allowing the purchase of each Distribution Datesuch Group I Mortgage Loan, the TrusteeGroup II Mortgage Loan, based upon information supplied to it on the Servicer's CertificateGroup III Mortgage Loan, shall make available to each Holder of a CertificateGroup IV Mortgage Loan, each Rating Agency Group V Mortgage Loan and the Servicer a statement setting forth the Group VI Mortgage Loan. The information set forth in Section 5.04(a). In above shall be calculated or reported, as the case of may be, by the Securities Administrator, based solely on, and to the extent of, information furnished pursuant provided to clauses (iii) the Securities Administrator by the Master Servicer. The Securities Administrator may conclusively rely on such information and (iv) of Section 5.04(a)shall not be required to confirm, verify or recalculate any such information. The Securities Administrator may make available each month, to any interested party, 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. The Trustee will make the monthly statement Monthly Statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the TrusteeSecurities Administrator's Internet website, website initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. ." Assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly statements to Certificateholders such reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties parties, and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time after the end change.
(b) By January 30 of each calendar yearyear beginning in 2007, if so requested in writing, the Trustee shall Securities Administrator will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was as to the Holder aggregate of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses amounts reported pursuant to subclauses (iii), (iva)(ii) and (ixa)(v) above with respect to the Certificates, plus information with respect to the amount of Section 5.04(a), in each case aggregated servicing compensation and such other customary information as the Securities Administrator may determine to be necessary and/or to be required by the Internal Revenue Service or by a federal or state law or rules or regulations to enable such Holders to prepare their tax returns for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any the requirements of the Code as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupGroup and the Class SES and Class 1-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such the following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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 bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month month;
(xv) the Class 1-SES Notional Amount, the Class 1-IO Notional Amount, the Class 2-A-IO Notional Amount for such Distribution Date, the Class 2-SES Notional Amount and for each Group, any PO Deferred Amounts the Class 3-SES Notional Amount for such Distribution Date;
(xviiixvi) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Ancillary Income for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder Holders of the Residual Certificate Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder Holders of the Residual Certificate Certificates by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Series 2003 I)
Statements to Certificateholders. (a) Prior On each Distribution Date, the Trustee shall prepare and make available to each Holder of the Regular Certificates, the Servicer and each Rating Agency a statement with respect to information regarding the Mortgage Loans, based solely on, and to the Distribution Date in each monthextent of, based upon the information provided to the Trustee on by the Servicer's Certificates delivered to the Trustee Servicer pursuant to Section 4.01 3.19 and with respect Section 4.03 hereof, as to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to distributions made on such Distribution DateDate setting forth:
(i) the date amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates including on account of the Mezzanine Certificates, separately identified, allocable to principal and the amount of the distribution to the Holders of the Class P Certificates allocable to Prepayment Premiums and Servicer Prepayment Premium Payment Amounts;
(ii) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates), including on account of the Mezzanine Certificates, separately identified, allocable to interest;
(iii) the Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and the Determination Excess Overcollateralization Amount for such Distribution Date and the Overcollateralization Increase Amount for such Distribution Date;
(iiiv) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Servicing Fee received by the Servicer during the related Due Period and Liquidation Proceeds included therein;
(iv) for each Groupsuch other customary information as the Trustee deems necessary or desirable, the amount allocable or which a Certificateholder reasonably requests, to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect enable Certificateholders to such distributionprepare their tax returns;
(v) if the distribution with respect 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 thereforSubgroup 1, Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate amount of the shortfall and the allocation thereof as between principal and interestP&I Advances for such Distribution Date;
(vi) with respect to Subgroup 1, Subgroup 2, the Class Certificate Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate Stated Principal Balance of each Class the Mortgage Loans and any REO Properties as of Certificates prior to and after giving effect to the distribution close of principal business on such Distribution Date;
(vii) for each Loan Groupwith respect to Subgroup 1, Subgroup 2, the Pool Stated Principal Balance for such Distribution Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Due Date;
(viii) for each Loan Groupwith respect to Subgroup 1, Subgroup 2, the Senior Percentage Mortgage Pool, the New Century Mortgage Loans and the Subordinate Percentage WMC Mortgage Loans, the number and aggregate unpaid principal balance of the Mortgage Loans (a) Delinquent 30-59 days, (b) Delinquent 60-89 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 such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateprotection under applicable bankruptcy laws, with respect to whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan GroupSubgroup 1, Subgroup 2, the amount of Periodic Advances included in the distribution on such Distribution DateMortgage Pool, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the New Century Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of WMC Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) for each Loan GroupLoans, with respect to any Mortgage Loan 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 close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereofit became an REO Property;
(xvx) for each Loan Groupwith respect to Subgroup 1, Subgroup 2, the total number Mortgage Pool, the New Century Mortgage Loans and principal balance the WMC Mortgage Loans, the aggregate of any the Stated Principal Balances of all REO Properties (and market value, if available) as of the close of business on the Determination Date last Business Day of the calendar month preceding the month of such Distribution Date;
(xvixi) for each Groupwith respect to Subgroup 1, Subgroup 2, the Senior Prepayment Percentage Mortgage Pool, the New Century Mortgage Loans and the Subordinate WMC Mortgage Loans, the aggregate amount of Principal Prepayments made during the related Prepayment Percentage for such Distribution DatePeriod;
(xviixii) for each Loan Groupwith respect to Subgroup 1, Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate amount of Realized Losses incurred during the preceding calendar month preceding the month of such Distribution Date (or, in the case of Bankruptcy Losses allocable to interest, during the related Due Period), separately identifying whether such Realized Losses constituted Bankruptcy Losses and for each Groupthe aggregate amount of Realized Losses incurred since the Closing Date;
(xiii) with respect to Subgroup 1, any PO Deferred Amounts Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Collection Account or the Distribution Account for such Distribution Date;
(xiv) the Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates, after giving effect to the distributions made on such Distribution Date and allocations of Realized Losses, made on such Distribution Date, separately identifying any reduction thereof due to allocations of such Realized Losses;
(xv) the Certificate Factor for each such Class of LIBOR Certificates applicable to such Distribution Date;
(xvi) the Accrued Certificate Interest in respect of the Senior Certificates and the Subordinate Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each such Class of Certificates on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses, Prepayment Interest Shortfalls and Relief Act Interest Shortfalls, as applicable;
(xvii) the Monthly Interest Distributable Amount in respect of the Senior Certificates and the Mezzanine Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each such Class of Certificates on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses, Prepayment Interest Shortfalls and Relief Act Interest Shortfalls, as applicable;
(xviii) the Class 1-A-1 Notional Amountaggregate amount of any Prepayment Interest Shortfall for such Distribution Date, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amountto the extent not covered by payments by the Servicer pursuant to Section 3.24;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose aggregate amount of each payment and the parties to whom Relief Act Interest Shortfalls for such payments were madeDistribution Date;
(xx) the Net WAC Rate Carryover Amount for each Loan Groupthe Class A Certificates and the Mezzanine Certificates, if any, for such Distribution Date and the amount of total Recoveries, the PO Recovery and the Non-PO Recoveryremaining unpaid after reimbursements therefor on such Distribution Date;
(xxi) the Available Distribution Amount;
(xxii) with respect to any material modificationsMortgage Loan as to which foreclosure proceedings have been concluded, extensions or waivers the loan number and unpaid principal balance of such Mortgage Loan as of the date of such conclusion of foreclosure proceedings;
(xxiii) with respect to Mortgage Loan termsLoans as to which a Liquidation Event has occurred, feesthe number of such Mortgage Loans, penalties or payments since the previous unpaid principal balance of such Mortgage Loans as of the date of such Liquidation Event and the amount of proceeds (including Liquidation Proceeds and Insurance Proceeds) collected in respect of such Mortgage Loans;
(xxiv) the respective Pass-Through Rates applicable to the LIBOR Certificates, for such Distribution Date and the Pass-Through Rate applicable to the LIBOR Certificates for the immediately succeeding Distribution Date;
(xxiixxv) unless such information is set forth in the Form 10-D relating to amount of any payment made by the Counterparty under a Yield Maintenance Agreement;
(xxvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating allocation thereof to the Mortgage Loans and any material breach of covenants hereunderCertificateholders with respect to Allocated Realized Loss Amounts;
(xxiiixxvii) amounts deposited into each Net WAC Reserve Fund;
(xxviii) the number and aggregate principal balance of any Mortgage Loans repurchased by date when a Stepdown Date has occurred;
(xxix) the Depositor from the Trust since the previous Distribution Daterelated Net WAC Rate; and
(bxxx) 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 whether a Certificate, each Rating Agency Trigger Event has occurred 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 (iii) and (iv) 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 Dateis continuing. The Trustee will make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Servicer, the Rating Agencies and other parties to this Agreement the Counterparty via the Trustee's Internet ’s internet website, . All information from which the Trustee makes such statement will be based solely on information provided by the Servicer pursuant to Section 3.19 and Section 4.03(a) hereof or by the Counterparty pursuant to the related Yield Maintenance Agreement. The Trustee’s website will initially be located at "www.ctslink.com". The Trustee will also make available copies of the “▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission”. Assistance in using this the website can be obtained by calling the Trustee's ’s customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly such statements to Certificateholders are 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 above parties regarding any such changes. 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. Within a reasonable period of time after the end of each calendar year, upon written request or request by facsimile, the Trustee shall furnish to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Certificate a statement containing the information set forth in clauses subclauses (i) through (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person 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. The On each Distribution Date, the Trustee shall deliver make available to the Holders Depositor, each Holder of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificatesa Residual Certificate, and the Servicer, a copy of the reports forwarded to the Regular Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Residual Certificates, respectively, on such Distribution Date. Within a reasonable period of time after the end of each calendar year, upon written request or request by facsimile, the Trustee shall prepare and provide furnish to each Person who at any time during the calendar year was a Holder of a Residual Certificate a statement setting forth the amount, if any, actually distributed with respect to the Certificateholders (by mailResidual Certificates, telephoneas appropriate, aggregated for such calendar year or publication as may be permitted by applicable Treasury Regulations) portion thereof during which such other reasonable information as Person was a Certificateholder. Such obligation of the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information shall be deemed to be reported have been satisfied to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which extent that substantially comparable information shall be forwarded prepared by the Trustee and furnished to such Holders pursuant to the Holder rules and regulations of the Residual Certificate by Code as are in force from time to time. The Trustee shall, upon request, furnish to each Certificateholder, during the Trustee)term of this Agreement, (ii) such periodic, special, or other reports or information, whether or not provided for herein, as shall be reasonable with respect to the Certificateholder, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided at the expense of the Certificateholder in accordance with such reasonable and explicit instructions and directions as the Certificateholder may provide. For purposes of this Section 4.02, the Trustee’s duties are limited to the Holders of Certificates extent that the Trustee receives timely reports as required from the Servicer pursuant to Section 3.19 and Section 4.03(a) hereof. On each Distribution Date the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) loan level data with respect to amounts which should be included as interest all of the Mortgage Loans and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders CUSIP level factors for each Class of Certificates setting forth the percentage as of each REMIC's assetssuch Distribution Date, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by format and media mutually acceptable to the Trustee in its absolute discretionand Bloomberg. In addition if so requested by an Originator, that constitute real estate assets under Section 856 of on each Distribution Date the Code, Trustee shall provide to such Originator and assets described in Section 7701(a)(19)(C) of at the Code; provided, however, that in setting forth the percentage expense of such assets of each REMICOriginator, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated loan level data with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant respect to the REMIC Provisions) made from time to timeMortgage Loans.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He1)
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Master Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder, the Company and the Insurer a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodamount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Master Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated aggregate Certificate Principal Balance for of each Class of the Certificates and each of the Class A and Class R Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(viii) for each Loan Groupthe number, the Senior Percentage aggregate principal balance and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Datebook value of any REO Properties;
(ix) the amount aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and distribution made on such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan GroupSpecial Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xi) the previous Pass-Through Rate on the Class A Certificates for such Distribution Date and the immediately succeeding Distribution Date;
(xii) the aggregate amount of Realized Losses for each Loan Group, such Distribution Date;
(xiii) the number and aggregate Stated Principal Balance amount of the Mortgage Loans, the ranges any recoveries on previously foreclosed loans from Sellers due to a breach of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, representation or warranty;
(xiv) the weighted average remaining term to maturity of the Mortgage Loans and after giving effect to the cumulative amount of Principal Prepayments, each as of the close of business amounts distributed on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) for each Loan Group, the total number and principal balance weighted average Mortgage Rates of any REO Properties (and market value, if available) as of the close of business on the Determination Date preceding such Distribution Date;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) after giving effect to the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxvi) No later than each the amount of any Insured Payment made on such Distribution Date, the Trustee, based upon information supplied amount of any reimbursement payment made to it the Insurer on the Servicer's Certificate, shall make available such Distribution Date pursuant to each Holder of a Certificate, each Rating Agency Section 4.02(a) and the amount of Cumulative Insurance Payments after giving effect to any such Insured Payment or any such reimbursement payment to the Insurer.
(xvii) the aggregate principal balance of all Converting Mortgage Loans and Converted Mortgage Loans, as the case may be, purchased by the related Subservicer or the Master Servicer a statement setting forth pursuant to Section 3.21, the information set forth in proceeds of which are being distributed on such Distribution Date, and the aggregate principal balance of all Converted Mortgage Loans which have not been so purchased pursuant to Section 5.04(a)3.21. In the case of information furnished pursuant to clauses (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution DateIn addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Trustee Master Servicer shall prepare and furnish provide to each Financial Market Serviceany manager of a trust fund consisting of some or all of the Certificates, in electronic or upon reasonable request, such other format and media mutually agreed upon additional information as is reasonably obtainable 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. The Trustee will make the monthly statement to Certificateholders (and, Master Servicer at its option, any no additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible expense to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 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 furnish forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Personother than a Class R Certificate, a statement containing the information set forth in clauses (iii), (ivi) and (ixii) of Section 5.04(a), in each case 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 as from Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificatesbe prepared, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephoneforward, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information cause to be reported forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the Residual Certificate applicable distribution information provided pursuant to this Section 4.03 aggregated for quarterly notices on Schedule Q (Form 1066) (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 forwarded to the Holder of the Residual Certificate provided by the Trustee), (ii) information Master Servicer and Trustee pursuant to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 any requirements of the Code.
(d) As soon as reasonably practicable, and assets described in Section 7701(a)(19)(C) upon the written request of any Certificate holder, the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereofMaster Servicer, shall be interpreted to require provide the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federalrequesting Certificateholder with such information as is necessary and appropriate, state or local tax consequences associated with a change subsequently required to be made in the DepositorMaster Servicer's initial good faith determinations sole discretion, for purposes of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.satisfying applicable reporting requirements under Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders. (a) Prior Concurrently with each -------------------------------- distribution to the Distribution Date in each monthInvestor Certificateholders, based upon the information provided to the Trustee on shall forward to each Investor Certificateholder, the Master Servicer's Certificates delivered to , the Trustee Credit Enhancer and each Rating Agency a statement prepared by the Master Servicer pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Datedistribution setting forth, by Loan Group:
(i) the date of such Distribution Date and related Investor Floating Allocation Percentage for the Determination Date for such Distribution Datepreceding Collection Period;
(ii) for each Class, the applicable Record Date and Interest Accrual Periodrelated Investor Certificate Distribution Amount;
(iii) for each Group, the amount allocable to principal, separately identifying of Investor Certificate Interest for the aggregate amount related Class of any Principal Prepayments Investor Certificates in such distribution and Liquidation Proceeds included thereinthe related Investor Certificate Rate;
(iv) for each Groupthe amount, the amount allocable to interestif any, of any Class Unpaid Investor Certificate Interest Shortfall or Component for the related Class of Investor Certificates in such distribution;
(v) the amount, if any, of the remaining Unpaid Investor Certificate Interest Shortfall included in such distribution and any remaining for the related Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall of Investor Certificates after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interest;
(vi) the Class Certificate Balance amount, if any, of each principal in such distribution for the related Class of Certificates prior to and after giving effect to Investor Certificates, separately stating the distribution of principal on such Distribution Datecomponents thereof;
(vii) the amount, if any, of the reimbursement of previous Investor Loss Amounts for each the related Class of Investor Certificates in such distribution;
(viii) the amount, if any, of the aggregate of unreimbursed Investor Loss Reduction Amounts for the related Class of Investor Certificates after giving effect to such distribution;
(ix) the amount, if any, of any Basis Risk Carryforward for the related Class of Investor Certificates in such distribution;
(x) the amount, if any, of the remaining Basis Risk Carryforward for the related Class of Investor Certificates after giving effect to such distribution;
(xi) the Servicing Fee for the Mortgage Loans in the related Loan Group, the Pool Stated Principal Balance Group for such Distribution Date;
(viiixii) for each Loan Groupthe Invested Amount, the Senior Percentage Investor Certificate Principal Balance and the Subordinate Percentage Loan Group Factor, each for the related Class of Investor Certificates after giving effect to such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Datedistribution;
(ixxiii) the Loan Group Balance as of the end of the preceding Collection Period and the aggregate of the Asset Balances of the Mortgage Loans in such Loan Group at the close of business on the last day of the related Collection Period;
(xiv) the Credit Enhancement Draw Amount for the related Class of Investor Certificates, if any;
(xv) the number and aggregate Asset Balances of Mortgage Loans in such Loan Group as to which the Minimum Monthly Payment is delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, as of the end of the preceding Collection Period;
(xvi) the book value (within the meaning of 12 C.F.R. ss. 571.13 or comparable provision) of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure with respect to such Loan Group;
(xvii) the amount of the Servicing Fee paid any optional advances pursuant to or retained Section 4.05 hereof by the Master Servicer with respect to each such Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances optional advances pursuant to Section 4.05 hereof by the Master Servicer outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xiixviii) for each Loan Group, the Investor Certificate Rate applicable to the related Class of Investor Certificates and such distribution;
(xix) the number and aggregate Stated Principal Balance principal balances of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the any Mortgage Loans in the related Loan Group retransferred to the Transferor pursuant to (a) Section 2.04 and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date(b) Section 2.06;
(xiiixx) for each the amount of Subordinated Transferor Collections with respect to the related Loan GroupGroup , the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans if any, included in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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 Datedistribution;
(xivxxi) the amount of Overcollateralization Step-Down Amount for each Loan Groupthe related Class of Investor Certificates, if any, included in such distribution;
(xxii) the Available Transferor Subordinated Amount with respect to any Mortgage the related 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage Group for such Distribution Date;
(xviixxiii) the Overcollateralization Amount for each Loan Group, the aggregate amount related Class of Realized Losses incurred during Investor Certificates for the preceding calendar month and for each Group, any PO Deferred Amounts for such following Distribution Date;
(xviiixxiv) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by total amount of funds on deposit in the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan GroupReserve Fund, the amount of total Recoveries, to be transferred from the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating Reserve Fund to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution DateCollection Account; and
(bxxv) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available Crossover Amount with respect 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)Loan Group. In the case of information furnished pursuant to clauses (ii), (iii) in respect of Investor Certificate Interest, (iv), (v), (vi), (vii) and (ivviii) of Section 5.04(a)above, 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies increment of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changesCertificates. Within a reasonable period of time 60 days after the end of each calendar year, the Master Servicer shall prepare or cause to be prepared and shall forward to the Trustee shall furnish to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iii), (iv) and (ixvi) of Section 5.04(a), in each case above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trustee Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Master Servicer or a Paying Agent pursuant to any requirements of the Code as from time to time in forceCode. The Trustee shall deliver prepare or cause to be prepared (in a manner consistent with the Holders treatment of the Investor Certificates any reports or information as indebtedness of the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephoneTransferor, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is otherwise required by the Code, Treasury Regulations, Section 3.14) Internal Revenue Service Form 1099 (or any successor form) and the REMIC Provisions including, but not limited to, (i) information any other tax forms required to be reported filed or furnished to the Holder Certificateholders in respect of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected distributions by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of (or the Code, Paying Agent) on the Investor Certificates and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of shall file and distribute such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently forms as required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeby law.
Appears in 1 contract
Statements to Certificateholders. (a) Prior Concurrently with each distribution charged to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 Certificate Account and with respect to subsections (xx) each Distribution Date the Servicer shall forward to the Trustee and (xxi) below, after consultation with the Depositor, the Trustee shall determine forward by mail to each Holder and the Company a statement setting forth the following information with respect as to such Distribution Dateeach Class of Certificates to the extent applicable:
(ia) the date amount of such Distribution Date distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the Determination Date for such Distribution Dateaggregate amount included therein representing Principal Prepayments;
(ii) for each Class, the applicable Record Date amount of such distribution to Holders of such Class of Certificates allocable to interest and Interest Accrual Periodthe amount of interest allocable to the Class A-3 Certificates and added to the Certificate Principal Balance thereof;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate amount of any Advance by the Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of each Class of Certificates prior to and the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(viivi) for each Loan Group, the Pool Stated Certificate Principal Balance for of each Class of Certificates and each of the Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) for each Loan Groupon the basis of the most recent reports furnished to it by Subservicers, the Senior Percentage number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months and the Subordinate Percentage for such Distribution Date number and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Dateaggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous Pass-Through Rate on the Class A-5 Certificates for such Distribution Date;
(xiixiii) for each Loan Group, the number and aggregate Stated Principal Balance occurrence of the Mortgage Loans, Credit Support Depletion Date;
(xiv) the ranges Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage for such Distribution Date;
(xvi) the aggregate amount of Mortgage Interest Rates Realized Losses for such Distribution Date;
(xvii) the Mortgage Loans, separated by 0.25%, 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 and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating after giving effect to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxix) No later than each the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such 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 (iiii) and (ivii) of Section 5.04(a)above, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. On each Distribution Date, In addition to the statement provided to 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, initially located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance in using this website can be obtained by calling the Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information as set forth in clauses (iiithis Section 4.03(a), (iv) and (ix) the Servicer shall provide to any manager of Section 5.04(a), in each case aggregated for such calendar year a trust fund consisting of some or applicable portion thereof during which such Person was a Certificateholder. Such obligation all of the Trustee shall be deemed to have been satisfied Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Servicer at no additional expense 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 in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to timeServicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Stanwich Asset Acceptance CO LLC)
Statements to Certificateholders. (a) Prior On each Distribution Date, the Securities Administrator shall provide or make available, upon request to each Holder of a Group I Senior Certificate, Group II Senior Certificate and Group I/II Subordinate Certificate and the Credit Risk Manager, a statement (each, a "Remittance Report") as to the distributions made to such Certificateholders on such Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Datesetting forth:
(i) the date amount of the distribution made on such Distribution Date to the Holders of the Group I Senior, Group II Senior and the Determination Date for such Distribution DateGroup I/II Subordinate Certificates allocable to principal;
(ii) for each Classthe amount of the distribution made on such Distribution Date to the Holders of the Group I Senior, the applicable Record Date Group II Senior and Interest Accrual PeriodGroup I/II Subordinate Certificates allocable to interest;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Servicing Fee received by each Servicer and Liquidation Proceeds included thereinMaster Servicing Fee received by the Master Servicer during the related Due Period;
(iv) for each Groupthe number and aggregate Principal Balance of the Group I Loans and Group II Loans delinquent one, the amount allocable to interest, any Class Unpaid Interest Shortfall two and three months or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distributionmore;
(v) if the distribution (A) number and aggregate Principal Balance of Group I Loans and Group II Loans with respect to which foreclosure proceedings have been initiated, and (B) the Holders number and aggregate Principal Balance of such Class Mortgaged Properties acquired through foreclosure, deed in lieu of Certificates is less than foreclosure or other exercise of rights respecting the full amount that would be distributable to such Holders if there were sufficient funds available therefor, Trustee's security interest in the amount of the shortfall Group I Loans and the allocation thereof as between principal and interestGroup II Loans;
(vi) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance for such Distribution Date;
(viii) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(ix) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xi) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Group I Loans and the cumulative amount of Principal Prepayments, each Group II Loans as of the close of business on the last day of the calendar month preceding such Distribution Daterelated Prepayment Period;
(xiiivii) for each Loan Group, the number amount of Special Hazard Coverage available to the Group I Senior Certificates and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in foreclosure, Group II Senior Certificates remaining as of the close of business on the last day applicable Determination Date;
(viii) the amount of Bankruptcy Coverage available to the calendar month preceding such Distribution Date Group I Senior Certificates and (C) in bankruptcy Group II Senior Certificates remaining as of the close of business on the last day applicable Determination Date;
(ix) the amount of Fraud Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the calendar month preceding close of business on the applicable Determination Date;
(x) the amount of Group I/II Realized Losses with respect to the Group I Loans and Group II Loans allocable to the Certificates on the related Distribution Date and the cumulative amount of Group I/II Realized Losses incurred and allocated to the related Certificates since the Cut-Off Date;
(xi) the amount of interest accrued but not paid to each Class of Group I Senior, Group II Senior and Group I/II Subordinate Certificates entitled to interest since (a) the prior Distribution Date and (b) the Closing Date;
(xii) the amount of funds advanced by each Servicer and the Master Servicer for such Distribution DateDate with respect to Group I Loans and Group II Loans;
(xiii) the total amount of Payoffs and Curtailments received during the related Prepayment Period with respect to Group I Loans and Group II Loans;
(xiv) for each Loan Group, with respect to any Mortgage Group I Loan and Group II Loan that became an REO Property during the preceding calendar month, the loan number of such Loan, the Principal Balance and Stated the Scheduled Principal Balance of such Mortgage Loan Loan;
(xv) to the extent provided by the Servicer, the book value of any REO Property as of the close of business on the Determination Date last Business Day of the calendar month preceding such the Distribution Date with respect to the Group I Loans and the date of acquisition thereof;
(xv) 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 DateGroup II Loans;
(xvi) for each Group, the Senior Prepayment Percentage and aggregate amount of extraordinary Trust Fund expenses withdrawn from the Subordinate Prepayment Percentage related Distribution Account for such Distribution Date;
(xvii) for the Class Principal Balance of each Loan GroupClass of Group I Senior, Group II Senior and Group I/II Subordinate Certificates, after giving effect to the distributions and allocations of Group I/II Realized Losses made on such Distribution Date, separately identifying any reduction thereof due to allocations of Group I/II Realized Losses;
(xviii) the aggregate amount of any Group I/II Prepayment Interest Shortfalls for such Distribution Date on the Group I Loans and Group II Loans, to the extent not covered by payments by the Master Servicer pursuant to Section 3.20;
(xix) the aggregate amount of Group I/II Relief Act Interest Shortfalls for such Distribution Date with respect to the Group I Loans and Group II Loans; and
(xx) the respective Pass-Through Rates applicable to each Class of Group I Senior, Group II Senior and Group I/II Subordinate Certificates as of such Distribution Date.
(b) On each Distribution Date, the Securities Administrator shall provide or make available, upon request to each Holder of the Group III Certificates (other than the Class III-R Certificates) and the Credit Risk Manager, a statement (each, a "Remittance Report") as to the distributions made to such Certificateholders on such Distribution Date setting forth:
(i) the amount of the distribution made on such Distribution Date to the Holders of the Group III Certificates of each Class allocable to principal and the amount of the distribution made on such Distribution Date to the Holders of the Class III-P Certificates allocable to Prepayment Charges;
(ii) the amount of the distribution made on such Distribution Date to the Holders of the Group III Certificates of each Class allocable to interest;
(iii) the aggregate Servicing Fee received by each Servicer and Master Servicing Fee received by the Master Servicer during the related Due Period;
(iv) the number and aggregate Principal Balance of the Group III Loans delinquent one, two and three months or more;
(v) the (A) number and aggregate Principal Balance of Group III Loans with respect to which foreclosure proceedings have been initiated, and (B) the number and aggregate Principal Balance of Mortgaged Properties acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting the Trustee's security interest in the Loans;
(vi) the aggregate Principal Balance of the Group III Loans as of the close of business on the last day of the related Prepayment Period;
(vii) the aggregate amount of Principal Prepayments made during the related Prepayment Period and the aggregate amount of any Prepayment Charges received in respect thereof;
(viii) the amount of Group III Realized Losses with respect to the Group III Loans allocable to the Group III Certificates on the related Distribution Date and the cumulative amount of Group III Realized Losses incurred during and allocated to the preceding calendar month Certificates since the Cut-Off Date;
(ix) the amount of interest accrued but not paid to each Class of Group III Certificates entitled to interest since (a) the prior Distribution Date and for (b) the Closing Date;
(x) the amount of funds advanced by each Group, any PO Deferred Amounts Servicer and the Master Servicer for such Distribution Date;
(xi) the total amount of Payoffs and Curtailments received during the related Prepayment Period;
(xii) with respect to any Group III Loan that became an REO Property during the preceding calendar month, the loan number of such Group III Loan, the Principal Balance and the Scheduled Principal Balance of such Group III Loan;
(xiii) to the extent provided by the Servicer, the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date;
(xiv) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the related Distribution Account for such Distribution Date;
(xv) the Class Principal Balance of each Class of Group III Certificates, after giving effect to the distributions and allocations of Group III Realized Losses made on such Distribution Date, separately identifying any reduction thereof due to allocations of Group III Realized Losses;
(xvi) the aggregate amount of any Group III Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.20;
(xvii) the aggregate amount of Group III Relief Act Interest Shortfalls for such Distribution Date.
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Required Overcollateralization Amount and Class XB-IO Notional Amountthe Credit Enhancement Percentage for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the TrustOvercollateralization Increase Amount, the specific purpose of each payment and the parties to whom if any, for such payments were madeDistribution Date;
(xx) the Overcollateralization Reduction Amount, if any, for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recoverysuch Distribution Date;
(xxi) any material modificationsthe Net WAC Rate Carryover Amount, extensions or waivers to Mortgage Loan termsif any, fees, penalties or payments since the previous for such Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to Net WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor on such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunderDate;
(xxiii) the number respective Pass-Through Rates applicable to the Group III Senior, the Group III Mezzanine and aggregate principal the Class III-CE Certificates for such Distribution Date;
(xxiv) the amount of any deposit to the Reserve Fund contemplated by Section 3.25;
(xxv) the balance of the Reserve Fund prior to the deposit or withdrawal of any Mortgage Loans repurchased by amounts on such Distribution Date;
(xxvi) the Depositor amount of any withdrawal from the Trust since the previous Distribution DateReserve Fund pursuant to Section 4.3(iii)(3); and
(bxxvii) No later than each Distribution Date, the Trustee, based upon information supplied to it balance of the Reserve Fund after all deposits and withdrawals 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 (iii) and (iv) 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. The Trustee will Securities Administrator shall make the monthly such statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to the Certificateholders, the Trustee and other parties to this Agreement the Rating Agencies via the TrusteeSecurities Administrator's Internet internet website, . The Securities Administrator's internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the http:\\▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares ▇ and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission. Assistance assistance in using this the website can be obtained by calling the TrusteeSecurities Administrator's customer service desk at (301) 815▇-6600▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the website above distribution option are entitled to have a paper copy mailed to them via first class Class mail by calling the customer service desk and indicating such. The Trustee Securities Administrator shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to subclauses (a)(i) and (b)(ii) above, the amounts shall be expressed as a dollar amount per single Certificate of the relevant Class. Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall furnish to each Person who at any time during the calendar year was the a Holder of a Certificate, if requested in writing by such Person, Regular Interest Certificate a statement containing the information set forth in clauses subclauses (iii), (iva)(i) and (ixb)(ii) of Section 5.04(a)above, in each case aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time are in force. The Trustee Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall deliver furnish to each Person who at any time during the calendar year was a Holder of a Class R Certificate or Class III-R Certificate a statement setting forth the amount, if any, actually distributed with respect to the Holders Class R Certificates and Class III-R Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator shall, upon request, furnish to each Certificateholder, during the term of Certificates any this Agreement, such periodic, special, or other reports or information the Trustee is required by this Agreement information, whether or the Codenot provided for herein, Treasury Regulations or REMIC Provisions to deliver as shall be reasonable with respect to the Holders of CertificatesCertificateholder, and the Trustee shall prepare and provide as applicable, or otherwise with respect to the Certificateholders (by mailpurposes of this Agreement, telephone, all such reports or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to at the Holders expense of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assetsCertificateholder, determined in accordance with Treasury Regulations such reasonable and explicit instructions and directions as the Certificateholder may provide. On each Distribution Date the Securities Administrator shall provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level factors for each Class of Certificates as of such Distribution Date, using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, format and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant media mutually acceptable to the REMIC Provisions) made from time to timeSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1)
Statements to Certificateholders. (a) Prior to the On each Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor, the Trustee shall determine make available to each Holder of a Certificate and to the following Company, the Master Servicer and the Rating Agencies, a statement based on information with respect provided by the Master Servicer as to such Distribution Datedistribution setting forth:
(i) (a) the date amount of such Distribution Date distribution to the Certificateholders of each Class applied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of each Class of Certificates and each Component of the Class M-X Certificates allocable to interest and the Determination Date Pass-Through Rate on each Class of Certificates and each Component of the Class M-X Certificates for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(v) if the distribution to the Holders of such any Class of Certificates or Component of the Class M-X 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 and the allocation thereof as between principal and interestshortfall;
(viiv) the Class Certificate Balance aggregate amount of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(vii) for each Loan Group, the Pool Stated Principal Balance Advances for such Distribution Date;
(viiiv) for the number and aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Loan GroupClass of Certificates and the Components of the Class M-X Certificates, the Senior Accelerated Distribution Percentage and each of the Subordinate Percentage for Senior, Class M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and Prepayment Distribution Percentage, if applicable;
(viii) the Total Senior Percentage number and Aggregate Subordinate Percentage for aggregate Stated Principal Balance of Mortgage Loans (a) delinquent 31 to 60 days, (b) delinquent 61 to 90 days, (c) delinquent 91 days or more, in each case as of the end of the calendar month prior to such Distribution Date;
(ix) the amount number, aggregate principal balance and book value of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Dateany REO Properties;
(x) the Pass-Through Rate aggregate Accrued Certificate Interest remaining unpaid, if any, for each such Class of Certificates (or Component) with respect Certificates, after giving effect to the distribution made on such Distribution Date;
(xi) for each Loan Groupthe Special Hazard Amount, the amount of Periodic Advances included in the distribution on such Distribution Date, the aggregate amount of Periodic Advances outstanding Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the amount calculation of Periodic Advances reimbursed since such amounts;
(xii) the previous weighted average Net Mortgage Rate for such Distribution Date;
(xiixiii) for each Loan Group, the number and aggregate Stated Principal Balance occurrence of the Mortgage Loans, Credit Support Depletion Date;
(xiv) the ranges Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage and Lockout Priority Percentage for such Distribution Date;
(xvi) the aggregate amount of Mortgage Interest Rates Realized Losses for the Mortgage Loans, separated by 0.25%, such Distribution Date;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiii) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure or other disposition, (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;
(xiv) for each Loan Group, with respect prior 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;
(xv) 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;
(xvi) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Distribution Date;
(xviii) the Class 1-A-1 Notional Amount, Class 1-A-5 Notional Amount, Class X-IO Notional Amount, Class 1-X-IO Notional Amount, Class 2-X-IO Notional Amount and Class XB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating giving effect to the Mortgage Loans and any material breach of covenants hereunder;
(xxiii) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous amounts distributed on such Distribution Date; and
(bxviii) No later than each Distribution Date, the Trustee, based upon information supplied weighted average Mortgage Rates of the Mortgage Loans prior to it on the Servicer's Certificate, shall make available giving effect 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 (iii) and (iv) 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 distributed on such Distribution Date. The Trustee will make the monthly statement to Certificateholders statements (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this the Pooling and Servicing Agreement via the Trustee's Internet website, internet website and its fax-on-demand service. The Trustee's fax-on-demand service may be accessed by calling (301) 815- 6610. The Trustee's internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website or the fax-on-demand service can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. Within In the case of information furnished pursuant to subclauses (i) - (iii) above, the amounts shall also be expressed as a dollar amount per Single Certificate. On each Distribution Date the Trustee shall provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. The Trustee shall provide to each Certificateholder any written reports or other information required by the Code and regulations thereunder as from time to time are in force. In addition, upon written request, within a reasonable period of time after the end of each calendar year, the Trustee shall furnish prepare and forward, to each Person who at any time during the calendar year was the Holder of a Certificate, if requested in writing by such PersonCertificateholder, a statement containing the information set forth in clauses subclauses (i) - (iii)) above, (iv) and (ix) of Section 5.04(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person 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 in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Statements to Certificateholders. (a) Prior to the Distribution Date in each month, based upon the information provided to the Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xx) and (xxi) below, after consultation with the Depositor4.01, the Trustee shall determine the following information with respect to such Distribution Date:
(i) the date of such Distribution Date and the Determination Date for such Distribution Date;
(ii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Loan Group, the amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(ivii) for each GroupLoan Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(viii) 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 and the allocation thereof as between principal and interest;
(viiv) the Class Certificate Balance of each Class of Certificates prior to and after giving effect to the distribution of principal on such Distribution Date;
(viiv) for each Loan Group, the Pool Stated Principal Balance for such the following Distribution Date;
(viiivi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for such Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for such following Distribution Date;
(ixvii) 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;
(xviii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(xiix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date, Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the amount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Rates for the Mortgage Loans, separated by 0.25%, the weighted average remaining term to maturity of the Mortgage Loans and the cumulative amount of Principal Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) in 30-day increments until foreclosure (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or other dispositionmore 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;
(xivxi) 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;
(xvxii) 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;
(xvixiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such the following Distribution Date;
(xviixiv) 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;
(xviiixv) the Class 1-A-1 CB-WIO Notional Amount, Class 2-NC-WIO Notional Amount, Class 3-A-WIO Notional Amount, Class 1-A-5 Notional Amount, Class XCB-IO Notional Amount, Class 1-X-IO SES Notional Amount, Class 2-XNC-IO SES Notional Amount and Class XB3-IO SES Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the specific purpose of each payment and the parties to whom Amount for such payments were made;
(xx) for each Loan Group, the amount of total Recoveries, the PO Recovery and the Non-PO Recovery;
(xxi) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in the Form 10-D relating to such Distribution Date and provided the Trustee is reasonably able to include such information on the statement, any material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder;
(xxiiixvi) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Ancillary Income for each Class SES Component for such Distribution Date; and
(xvii) the Class SES Compensating Interest for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's CertificateCertificates, 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 (iiii), (ii) and (ivix) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 Denominationdenomination. 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. The Trustee will make the monthly statement to Certificateholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, and other parties to this Agreement via the Trustee's Internet website, . The Trustee's Internet website shall initially be located at "www.ctslink.com". The Trustee will also make available copies of the ▇▇▇.▇▇▇▇▇▇▇▇ .▇▇▇▇▇▇s the Trustee prepares and files with the Securities and Exchange Commission, including distribution reports on Form 10-D, annual reports on Form 10-K, current reports on Form 8-K and amendments to these reports available through this website promptly (but no later than one Business Day) after they are filed with the Securities and Exchange Commission". Assistance in using this the website can be obtained by calling the Trustee's customer service desk at (301▇▇▇) 815▇▇▇-6600▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee shall have the right to change the way the monthly statements to Certificateholders are 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 above parties regarding any such changes. 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 the Holder of a Certificate, if requested in writing by such Person, a statement containing the information set forth in clauses (iiii), (ivii) and (ixvii) of Section 5.04(a), in each case 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 as from time to time in force. The Trustee shall deliver to the Holders of Certificates any reports or information the Trustee is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Holders of Certificates, and the Trustee shall prepare and provide to the Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and the REMIC Provisions including, but not limited to, (i) information to be reported to the Holder of the Residual Certificate for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holder of the Residual Certificate by the Trustee), (ii) information to be provided to the Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) information to be provided to all Holders of Certificates setting forth the percentage of each the REMIC's assets, determined in accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by the Trustee in its absolute discretion, that constitute real estate assets under Section 856 of the Code, and assets described in Section 7701(a)(19)(C) of the Code; provided, however, that in setting forth the percentage of such assets of each the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be interpreted to require the Trustee periodically to appraise the fair market values of the assets of the Trust Estate or to indemnify the Trust Estate or any Certificateholders from any adverse federal, state or local tax consequences associated with a change subsequently required to be made in the Depositor's initial good faith determinations of such fair market values (if subsequent determinations are required pursuant to the REMIC Provisions) made from time to time.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Alternative Loan Tr 2003-8)