Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information: (a) the amount of the distributions, separately identified, with respect to the Class A Certificates; (b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges; (c) the amount of such distributions allocable to interest and the calculation thereof; (d) the Aggregate Loan Balance as of the end of the related Due Period; (e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date; (f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date; (g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest; (h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date; (i) the amount of any OC Release Amount; (j) the amount of any Available Funds Shortfall; (k) the Net WAC Cap; (l) the amount, if any, of Realized Losses for the previous calendar month; (m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date; (n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month; (o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period; (p) the current weighted average of the remaining terms of the Mortgage Loans; (q) the amount of Servicing Fee paid to or retained by the Servicer; (r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator; (s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date; (t) the number of Mortgage Loans outstanding; (u) the cumulative number and Loan Balances of liquidated Mortgage Loans; (v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance; (w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof; (x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof; (y) the Remittance Report (as defined in Section 4.06 hereof); (z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date; (aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement; (bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date; (cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related; (dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date; (ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date; (ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date; (gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and (hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification: (A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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; (C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date; (D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date; (E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances; (F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and (G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Eq Ln Tr Ser 2000 NCB Asset Back Ps THR Cer)
Statements to Certificateholders. On each Distribution Date, the Securities Administrator (based on the information set forth in the Servicer Reports for such Distribution Date and information provided by the Trust Administrator Swap Provider under the Swap Agreement with respect to payments made pursuant to the Swap Agreement and information provided by the Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall forward by mail make available to each Holder of a Class A Certificate the Certificates, the Servicer and the Certificate Insurer Credit Risk Manager, a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, applicable Interest Accrual Periods and general Distribution Dates;
(ii) with respect to each loan group, the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; total cash flows received and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation general sources thereof;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by the end of Servicers and Master Servicing Fee received by the Master Servicer during the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(liv) the amount, if any, of Realized Losses for other fees or expenses accrued and paid, with an identification of the previous calendar monthpayee and the general purpose of such fees;
(mv) with respect to each loan group, the amount of the related distribution to Holders of the Certificates (by class) allocable to principal, separately identifying (A) the Overcollateralized aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) any Overcollateralization Increase Amount after giving effect to all distributions on such Distribution Dateincluded therein;
(nvi) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to each loan group, the preceding monthamount of such distribution to Holders of the Certificates (by class) allocable to interest and the portion thereof, if any, provided by the Swap Agreement in the aggregate;
(ovii) with respect to each loan group, the Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for the related Certificates (if any);
(viii) with respect to each loan group, the number and aggregate principal balance of any Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2) two 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 last day related Due Date;
(x) with respect to each loan group and any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Due Prepayment Period;
(pxi) the current weighted average total number and principal balance of any real estate owned, or REO Properties, as of the remaining terms end of the Mortgage Loansrelated Prepayment Period;
(qxii) with respect to each loan group, whether the amount of Servicing Fee paid to or retained by the ServicerStepdown Date has occurred and whether Trigger Event is in effect;
(rxiii) with respect to each loan group, the amount cumulative Realized Losses through the end of Administrative Fee paid to the Trustee and the Trust Administratorpreceding month;
(sxiv) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding 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 such Delinquency Advances 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 aggregate amount denominator of Nonrecoverable Delinquency Advances with respect which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xviii) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(txix) the number Interest Distribution Amount in respect of Mortgage Loans outstandingthe Class A Certificates, the Mezzanine Certificates and the 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;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxx) the aggregate amount of payments in respect of any Prepayment Interest Shortfalls deposited in Shortfall for such Distribution Date, to the Collection Account extent not covered by the Servicer on the related Servicer Remittance Date payments by Ocwen or GMAC pursuant to Section 3.23 hereofof this Agreement, Countrywide pursuant to the Servicing Agreement or the Master Servicer pursuant to Section 4.19 of this Agreement;
(yxxi) the Remittance Report (as defined in Section 4.06 hereof);
(z) the aggregate amount of Relief Act Interest Distribution Amount and the Principal Distribution Amount Shortfalls for such Distribution Date;
(aaxxii) the Reimbursement Amount, if any and the amountamount of, if any, allocable to principal, the amount allocable to interest of Net Monthly Excess Cashflow or excess spread and the amount allocable to other amounts due under the Insurance Agreementapplication of such Net Monthly Excess Cashflow;
(bbxxiii) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated Required Overcollateralization Amount and the Rolling Delinquency Percentage and the Annual Loss Credit Enhancement Percentage for the current such Distribution Date;
(ccxxiv) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which Overcollateralization Increase Amount, if any, for such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Distribution Date;
(eexxv) the Overcollateralization Reduction Amount, if any, for such Distribution Date;
(xxvi) the Pass-Through Rate for the Class A each class of Certificates for such Distribution Date;
(ffxxvii) the Basis Risk Shortfall, if any, for such Distribution Date and amount of any deposit to the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution DateReserve Fund contemplated by Section 3.25(b);
(ggxxviii) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxix) the amount of any withdrawal from deposit to the Reserve Fund pursuant to Section 4.04(a)(II)(ix5.01(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 Pre-Funding Account following such Distribution Date, and the balance amount withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date;
(xxxv) for the distribution occurring on the Distribution Date immediately following the end of the Reserve Fund after all deposits Pre-Funding Period, the balance 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 and/or Subsequent Group II Mortgage Loans, as applicable, and withdrawals that is being distributed to the related Class A Certificates as a mandatory distribution of principal, if any, on such Distribution Date; and
(hhxxxvi) the amount distributed to withdrawn from the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator Capitalized Interest Account pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in 3.29 on that category), as of the close of business on the last day of the calendar month next preceding such Distribution Date and the aggregate Loan Balances amount remaining on deposit in the Capitalized Interest Account.. The Securities Administrator will make such statement (and, at its option, any additional files containing the same information in an alternative format) available each month to the Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 1 (866) 846-4526. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of all Mortgage Loans as of such date;
information furnished pursuant to subclauses (B) the number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) belowi) and (ii) above, the percent amounts shall be expressed as a dollar amount per Single Certificate 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish upon request to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any the NIMS Insurer and each Certificateholder within five Business Days after during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Serviceras applicable, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities 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. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and the Component Balance of each Component after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any Class PO Deferred Amounts for such Distribution Date;
(xiv) 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 Balance of such Mortgage LoanGroup, the loan number of such Mortgage LoanReimbursement Amount;
(xvi) for each Loan Group, the Value of the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances Recoveries, the Class PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fa) the Deficiency Amount, if any, for each Mortgage Loan which is such Distribution Date and (b) amounts, if any, in foreclosure, the Loan Balance of such Mortgage Loan, the Value respect of the Mortgaged PropertyDeficiency Amount paid under the Policy;
(xviii) the amount remaining in the Reserve Fund after taking into account the Reserve Withdrawal, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding if any, for such Distribution Date; and
(xix) any Rounding Amounts for such Distribution Date and the last paid-to- date, based; andamount applied to repay such Rounding Amounts withdrawn on the prior Distribution Date.
(Gb) No later than each Distribution Date, the principal balance Securities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to Assured Guaranty, each Holder of a Certificate, each Mortgage Loan that was modified or extended 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Assured Guaranty, Certificateholders, and other parties to this Agreement via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-4 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
Date and the date of acquisition thereof; (Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Alternative Loan Trust 2004 2)
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Securities Administrator shall forward by mail provide or make available, upon request to each Holder of a Class A Group I Senior Certificate, Group II Senior Certificate and Group I/II Subordinate Certificate and the Certificate Insurer Credit Risk Manager, a statementstatement (each, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, 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 I Senior, Group II Senior and Group I/II Subordinate Certificates allocable to principal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of the Group I Senior, Group II Senior and Group I/II Subordinate Certificates 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 I Loans and Group II Loans delinquent one, two and three months or more;
(v) the (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 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 Group I Loans and Group II Loans;
(vi) the aggregate Principal Balance of the Group I Loans and Group II Loans as of the close of business on the last day of the related Prepayment Period;
(vii) the amount of Special Hazard Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the applicable Determination Date;
(viii) the amount of Bankruptcy Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the 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 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 Date 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) with respect to any 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 the Scheduled Principal Balance of such Loan;
(xv) 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 with respect to the Group I Loans and Group II Loans;
(xvi) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the related Distribution Account for such Distribution Date;
(xvii) the Class Principal Balance of each Class 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 the following informationforth:
(ai) the amount of the distributions, separately identified, with respect distribution made on such Distribution Date to the Holders of the Group III Certificates of each Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class III-P Certificates allocable to Prepayment Charges;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of the Group III Certificates of each Class allocable to interest and the calculation thereofinterest;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by each Servicer and Master Servicing Fee received by the end of Master Servicer during the related Due Period;
(eiv) the Certificate number and aggregate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Datethe Group III Loans delinquent one, two and three months or more;
(fv) the amount (A) number and aggregate Principal Balance of any Insured Payment included 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 amounts distributed to the Holders of Offered Certificates on such Distribution DateLoans;
(gvi) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate aggregate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Group III Loans as of the close of business on the last day of the related Due Prepayment Period;
(pvii) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances Principal Prepayments made during the related Prepayment Period and the aggregate amount of Nonrecoverable Delinquency Advances any Prepayment Charges received in respect thereof;
(viii) the amount of Group III Realized Losses with respect to such 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 and allocated to the Certificates since the Cut-Off Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vix) the amount of cumulative Realized Losses and its percentage interest accrued but not paid to each Class of the Cut-off Date Pool Balance;
Group III Certificates entitled to interest since (wa) the Cut-off prior Distribution Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereofand (b) the Closing Date;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account funds advanced by the each Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Master Servicer for such Distribution Date;
(aaxi) the Reimbursement Amount, if any total amount of Payoffs and Curtailments received during the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreementrelated Prepayment Period;
(bbxii) whether with respect to any Group III Loan that became an REO Property during the Step Down Trigger or preceding calendar month, the Step Up Trigger has occurred and whether loan number of such Group III Loan, the Servicer Termination Test has been violated Principal Balance and the Rolling Delinquency Percentage and Scheduled Principal Balance of such Group III Loan;
(xiii) to the Annual Loss Percentage for extent provided by the current 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;
(ccxiv) the aggregate amount of payments received under extraordinary Trust Fund expenses withdrawn from the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates related Distribution Account for such Distribution Date;
(ffxv) the Basis Risk ShortfallClass 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 Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xix) the Overcollateralization Increase Amount, if any, for such Distribution Date and Date;
(xx) the Unpaid Basis Risk ShortfallsOvercollateralization Reduction Amount, if any, for such Distribution Date;
(xxi) the Net WAC Rate Carryover Amount, if any, for such Distribution Date;
(xxii) the Net WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxxiii) the respective Pass-Through Rates applicable to the Group III Senior, the Group III Mezzanine and 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 amounts on such Distribution Date, ;
(xxvi) the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix4.3(iii)(3); and
(xxvii) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; . The Securities Administrator shall make such statement (and
(hh, at its option, any additional files containing the same information in an alternative format) the amount distributed available each month to the Certificateholders, the Trustee and the Rating Agencies via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at ▇-▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first Class R Certificateholdersmail by calling the customer service desk and indicating such. Items The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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), (b), (ca)(i) and (eb)(ii) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Regular Interest Certificate a statement containing the information set forth in subclauses (a)(i) and (b)(ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A R Certificate or Class III-R Certificate a statement containing setting forth the information set forth in subclauses (a) through (c) aboveamount, if any, actually distributed with respect to the 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. Such obligation The Securities Administrator shall, upon request, 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 reasonable with respect to the Certificateholder, as applicable, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided at the expense of the Trust Administrator shall be deemed to have been satisfied to Certificateholder, in accordance with such reasonable and explicit instructions and directions as the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in forceCertificateholder may provide. On each Distribution Date the Trust Securities Administrator shall forward to the Certificate Insurerprovide Bloomberg Financial Markets, the Depositor, the Trustee, L.P. ("Bloomberg") CUSIP level factors for each Holder Class of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on Certificates as of such Distribution Date, using a format and a report of the amounts, if any, actually distributed with respect media mutually acceptable to the Class R Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Securities Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestBloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1)
Statements to Certificateholders. (a) On each Distribution Date (subject to Section 3.06(d)), the Trust Certificate Administrator shall prepare, based solely on the 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 Certificate Administrator’s Website and, upon written request, shall forward by mail or in electronic format, to each Holder of any Privileged Person, a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
Statement containing (c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;among other things):
(i) the amount of any OC Release Available Principal Distribution Amount;
(jii) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Interest Distribution Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
Date and (tC) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments any other amounts received in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer interest on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereofUnderlying CMBS);
(ziii) the Interest Distribution Amount and the Principal Distribution Amount applicable Pass-Through Rate for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cciv) the amount of payments received under any Extraordinary Issuing Trust Expenses incurred and reimbursed with respect to such Distribution Date (identifying in each instance the PMI Policy portion of such Extraordinary Issuing Trust Expense that was (A) reimbursed from amounts on deposit in the Expense Reimbursement Account, (B) deducted from the Available Interest Distribution Amount otherwise distributable to any Class of Certificates, and (C) deducted from the number Available Principal Distribution Amount otherwise distributable to any Class of Mortgage Loans to which such payments relatedCertificates);
(ddv) if the amount of principal distributions to the Holders of any Class of Regular Certificates was less than the full amount that would have been distributable to such Holders if there had been a sufficient Available Principal Distribution Amount, the amount of such shortfall;
(vi) if the 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 dollar amount of claims made under Underlying CMBS Losses or other losses allocated to each Class of Regular Certificates after giving effect to any distributions on such Distribution Date. In addition, within five (5) Business Days following each Distribution Date, the PMI Policy that were denied during Certificate Administrator is required to make available (upon request) to any Privileged Person and post to the Due Period Certificate Administrator’s Website the most recent Underlying Monthly Report and any Underlying Other Report prepared since the dollar amount prior Distribution Date Statement was disseminated (or in the case of the cumulative claims made under the PMI Policy denied initial Distribution Date Statement, since the Closing Date;
(ee) to the Pass-Through Rate for extent that the Class A Certificates for Certificate Administrator is entitled to receive and disclose any such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date Underlying Monthly Reports and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance any Underlying Other Report as holder of the Reserve Fund prior Underlying CMBS. The Certificate Administrator shall not be liable for making such information available pursuant to the deposit or withdrawal terms of any amounts this Agreement. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on and to the extent of its receipt of such Distribution Date, the amount of any withdrawal information from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number ofUnderlying Trustee, and the Aggregate Loan Balance ofUnderlying Certificate Administrator, as applicable. In calculating distributions upon the Underlying CMBS and other matters contained in its reports, the Mortgage Loans in bankruptcy proceedings Certificate Administrator shall be entitled to rely conclusively on the Underlying Monthly Reports and the percent any Underlying Other Report it receives as holder of the Aggregate Loan Balance of such Mortgage Loans Underlying CMBS. Information posted to the Aggregate Loan Balance of all Mortgage Loans, all as Certificate Administrator’s Website shall not contain information available only by appointment with or otherwise upon request from a party to the applicable Underlying Trust Agreement. Except in the case of the close of business on Controlling Class Representative, to the last day extent required with respect to the exercise of the calendar month next preceding Underlying CMBS Control Rights, and subject to the limitations thereon described in Section 3.05, neither the Trustee nor the Certificate Administrator will be obligated to make any such Distribution Date;request on behalf of any Certificateholder.
(Db) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, upon written request, the Trust Certificate Administrator shall furnish 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 a Holder of a Class A Certificate Certificateholder a statement containing the information set forth in subclauses (a) through (c) aboveregarding payments of interest and principal and other amounts on such Person’s Certificate, aggregated for such calendar year or the applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be is provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each .
(c) The Certificate Administrator shall make available to any Privileged Person via the Certificate Administrator’s Website the following items, to the extent in the possession of the Certificate Administrator (unless the Certificate Administrator has actual knowledge that such items are not permitted by applicable law or under any of the Underlying Security Documents), (i) this Agreement and any amendments thereto; (ii) all Distribution Date the Trust Administrator shall forward Statements; (iii) any Special Notice; and (iv) any notices delivered to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amounts, if any, actually distributed or received from or with respect to the Controlling Class R Certificates on such Distribution DateRepresentative 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. Within a reasonable period of time after the end of each calendar yearIn addition, the Trust Certificate Administrator shall furnish 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 who (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 any time during the calendar year was a Holder of a Class R Certificate a statement containing the information provided pursuant Corporate Trust Office, to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shallextent in its possession, upon written reasonable request, forward . As a condition to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator access to the Certificate InsurerAdministrator’s Website, the Servicer, Certificate Administrator may require registration and the acceptance of a disclaimer. Neither the Certificate Administrator nor the Trustee will be liable for the dissemination of information in accordance with this Agreement. Each of the Certificate Administrator and the Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided to it by the Underlying Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to Person and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.
(d) Notwithstanding the Trust Administrator by foregoing, in the event the Certificate Insurer, Administrator determines (it being understood the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by Certificate Administrator is not under any Certificateholder which the Trust Administrator otherwise sends to some other Person obligation pursuant to this Agreement (excluding, however, routine items sent to Mortgagors, taxing make such determination) that the Underlying Trust Agreement prohibits the Certificate Administrator from disclosing or local property records authorities and similar items) which, furnishing the information described in this Section 3.06 in the case manner described in this Section 3.06, or if a Responsible Officer of clause (iii), such Certificateholder is not otherwise receiving; provided, however, the Certificate Administrator has actual knowledge that the Underlying Trust Agreement imposes any limitation on the Certificate Administrator’s disclosing or furnishing any such documents or information requested under clause (iii) shall be at information, the expense of the requesting Certificateholder; and provided, further, that the Trust Certificate Administrator shall will not be required to deliver such information and will not be required to exceed any such limitation imposed on it. In the event that a Certificateholder or a prospective investor in the Certificates requests any information or access to any information that the Certificate Administrator is required to provide pursuant to this Section 3.06, and the Certificate 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 subject to the limitations in subsections (c) and (d) above) provide any document Privileged Person copies of all notices, reports or other materials received by it on behalf of the Trustee as the holder of the Underlying CMBS from any provider of such information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose under the Premium Rate to any Person upon requestUnderlying Trust Agreement.
Appears in 1 contract
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Administrator Trustee shall forward make available electronically via its Internet Website or, upon written request, by mail first class mail, to each Holder Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a Class A Certificate and the Certificate Insurer statement (a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification"Distribution Date Statement"), as to the distributions made on such Distribution Date, setting 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 the following informationon Exhibit B hereto and, in any event, shall set forth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class P 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;
(civ) the amount of the distribution on such distributions allocable Distribution Date to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Holders of each Class of Class A Sequential Pay Certificates after giving effect to any payment in reimbursement of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of previously allocated Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Additional Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage LoansFund Expenses;
(v) the amount of cumulative Realized Losses total payments and its percentage other collections received by the Trust during the related Collection Period, the fees and expenses paid therefrom (with an identification of the Cut-off Date Pool Balance;
(w) general purpose of such fees and expenses and the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) party receiving such fees and expenses), the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Available Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on respective portions of such Available Distribution DateAmount attributable to each Loan Group;
(gga) the balance aggregate amount of the Reserve Fund prior P&I Advances made with respect to the deposit or withdrawal of any amounts on entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date, the amount of any withdrawal from the Reserve Fund Date pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a4.03(a), (b)including, (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In additionwithout limitation, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator any amounts applied pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category4.03(a)(ii), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the Class A Certificateholders entire Mortgage Pool, and with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer, the Trustee or any Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of the Master Servicer or Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a report 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 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;
(xix) 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 Class of Regular Certificates, the Class A-3FL REMIC II Regular Interest, the Class AN-FL REMIC II Regular Interest, the Class A-3FL Certificates and the Class AN-FL Certificates, respectively, for such Distribution Date;
(xxi) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case, separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xxii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xxiii) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xxiv) the Class Principal Balance and Class X Notional Amount, as applicable, of each Class of Regular Certificates, the Class A-3FL Certificates and the Class AN-FL Certificates, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxv) the Certificate Factor for each Class of Regular Certificates, the Class A-3FL Certificates and the Class AN-FL Certificates, respectively, immediately following such Distribution Date;
(xxvi) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master 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 amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxxiv) the amounts, if any, actually distributed with respect to the Class R 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, any other information necessary to satisfy the requirements of Item 1121(a) of Regulation AB that can, in the Trustee's reasonable judgment, be included on the Distribution Date Statement without undue difficulty; and
(xxxvii) 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 10%, whether such significance percentage is (A) equal to or greater 10% but less than 20% or (B) whether such significance percentage is equal to or in excess of 20%. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii), (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 make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicer or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trust Administrator Trustee shall furnish send to any each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other information as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class R of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate a statement containing Owner upon the information provided pursuant request of such Certificate Owner made in writing to the previous paragraph aggregated for Corporate Trust Office (accompanied by current verification of such calendar year or applicable Certificate Owner's ownership interest). Such portion thereof during which of such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, information as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MLCFC Commercial Mortgage Trust Series 2006-1)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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 distribution and the Class 1-CB-4 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage Loan, Realized Losses incurred during the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any PO Deferred Amounts for such Distribution Date Date;
(xv) the Class 1-CB-IO Notional Amount, Class 2-CB-IO Notional Amount, Class 3-15-IO Notional Amount, Class 4-15-IO Notional Amount, Class CB-IO Notional Amount and the last paidClass 15-to- date, basedIO Notional Amount for such Distribution Date; and
(Gxvi) for each Loan Group the principal balance amount of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yeartotal Recoveries, the Trust Administrator PO Recovery and the Non-PO Recovery.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each Distribution Date the Trust Administrator Trustee shall forward by mail make available to each Holder of a Class A Certificate and to the Certificate Insurer Company, the Master Servicer and the Rating Agencies, a statement, parts of which shall be statement based upon on information provided by the Master Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, distribution setting forth the following informationforth:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of each Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions allocable distribution to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the each Class P of Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereofPass-Through Rate on each Class of Certificates for such Distribution Date;
(diii) if the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(iv) the Aggregate Loan aggregate amount of Advances for such Distribution Date;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period;
(evi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates, the Senior Accelerated Distribution Percentage and each of the Senior, Class A Certificates M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any payment 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 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, in each case as of the end of the calendar month prior to such Distribution Date;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(fxi) the amount Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of any Insured Payment included in the amounts distributed to the Holders close of Offered Certificates business on such Distribution DateDate and a description of any change in the calculation of such amounts;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(oxii) the weighted average Net Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and occurrence of the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Credit Support Depletion Date;
(ccxiv) the amount of payments received under the PMI Policy and the number of Mortgage Loans Senior Accelerated Distribution Percentage applicable to which such payments relateddistribution;
(ddxv) the dollar amount of claims made under the PMI Policy that were denied during the Due Period Senior Percentage and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates Lockout Priority Percentage for such Distribution Date;
(ffxvi) the Basis Risk Shortfall, if any, aggregate amount of Realized Losses for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxvii) the balance weighted average remaining term to maturity of the Reserve Fund Mortgage Loans prior to giving effect to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals distributed on such Distribution Date; and
(hhxviii) the amount distributed weighted average Mortgage Rates of the Mortgage Loans prior to giving effect to the Class R Certificateholdersamounts distributed on such Distribution Date. Items In the case of information furnished pursuant to subclauses (a)i) - (iii) above, (b), (c) and (e) above the amounts shall also be presented on the basis of expressed as a certificate having a $1,000 denominationdollar amount per Single Certificate. In addition, on On each Distribution Date the Trust Administrator Trustee shall distribute to provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level factors for each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent Class of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Certificates as of such date;
(B) the number ofDistribution Date, using a format and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans media mutually acceptable 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;
(C) the number of, Trustee and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofBloomberg. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish prepare and forward, to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, a statement containing the information set forth in subclauses (ai) through - (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements require ments of the Code and regulations thereunder as are from time to time are in force. On each Distribution Date the Trust Administrator Trustee shall forward prepare and forward, to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) Residual Certificate a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amounts, if any, actually distributed with respect reports forwarded to the Class R Certificates other Certificateholders on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator Trustee shall furnish prepare and forward, to any each Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward 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 Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense requirements of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required Code as from time to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requesttime are in force.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01 and with respect to subsections (V) and (W) below, after consultation with the Depositor, the Securities Administrator shall forward by mail to each Holder of a Class A Certificate and determine the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as following information with respect to the distributions made on Certificates and such Distribution Date, setting forth the following information:
(aA) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class of Certificates for such Distribution Date;
(B) for each Loan Group, the related Pool Distribution Amount;
(C) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(D) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(E) if the distribution to the Holders of such Class of Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cF) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fG) for each Loan Group, the amount aggregate Stated Principal Balance of any Insured Payment included the Mortgage Loans in such Loan Group for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on related Distribution Date;
(H) for each Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(gI) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Total Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Subordinate Percentage for such Distribution Date;
(iJ) the amount of any OC Release Amount;
(j) the Servicing Fees paid to or retained by the Servicers and the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) Securities Administration Fee paid or retained by the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect Securities Administrator with respect to all distributions on each Loan Group and such Distribution Date;
(nK) the total Pass-Through Rate for each Class of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vL) the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaM) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(CN) for each Loan Group, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregated Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(O) 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;
(P) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(Q) for each Loan Group, the Reimbursement Amount;
(R) for each 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;
(T) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the Aggregate previous Distribution Date;
(U) for each Loan Group, the number and aggregate Stated Principal Balance of all Mortgage Loans, all 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 next preceding such Distribution Date;
(DV) unless such information is otherwise set forth in the number 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 REO PropertiesMortgage 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
(X) whether any exchanges of Exchangeable or Exchangeable REMIC Certificates have taken place since the preceding Distribution Date, and, if applicable, the Aggregate Loan Balance 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 related 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. By way of example, and the percent of the Aggregate a Mortgage Loan Balance of would be delinquent with respect to a Monthly Payment due on a Due Date if such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of Monthly Payment is not made by the close of business on the last day of the calendar month Mortgage Loan's next preceding such Distribution succeeding Due Date;
(E) for each , and a Mortgage Loan which is an REO Property, the Loan Balance of would be more than 30-days delinquent with respect to such Mortgage Loan, the loan number of Monthly Payment if such Mortgage Loan, the Value of the Mortgaged Property, the value established Monthly Payment were not made by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day Mortgage Loan's second succeeding Due Date.
(b) No later than each Distribution Date, the Securities 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 calendar month next preceding Master Servicer, a single statement setting forth the information set forth in Sections 5.04(a) (a "Monthly Statement"). On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the information contained in the Master Servicer's Certificate described in Section 4.01 for such Distribution Date Date. The Securities Administrator will make the 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 and other parties to this Agreement via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 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 last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant Securities Administrator shall provide timely and adequate notification to Section 2.10 or 3.01 hereofall above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aC) through and (cD) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-J Trust)
Statements to Certificateholders. On (a) Concurrently with each Distribution Date distribution to Certificateholders, the Trust Securities Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as make available to the distributions made on such Distribution Dateparties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, setting forth the following information:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the each Class P Certificates of Certificates, separately identified, allocable to Prepayment Chargesprincipal;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest, separately identified;
(diii) the Aggregate Loan aggregate amount the Servicing Fee during the related Due Period and such 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 the related Due Period;
(v) the aggregate Stated Principal Balance as of the Group I, Group II, Group III and Group IV Mortgage Loans at the close of business at the end of the related Due Period;
(evi) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Datenumber, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage remaining term to maturity and weighted average Loan Rate of the Group I, Group II, Group III and Group IV Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tvii) the number and aggregate unpaid principal balance of Group I, Group II, Group III and Group IV Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a)) one month, two months or three months delinquent on a contractual basis, (b), ) as to which foreclosure proceedings have been commenced and (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 dateDate;
(Bviii) 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 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 number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than book value of any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all REO Property as of the close of business on the last day Business Day of the calendar month next preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding due period;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the aggregate amount of Realized Losses incurred during the related Due Period and 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;
(Cxiii) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Class Certificate Balance of such Mortgage Loans each Class of Certificates, after giving effect to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business distributions made on the last day of the calendar month next preceding such Distribution Date;
(Dxiv) the number aggregate amount of REO Properties, the Aggregate Loan Balance of interest accrued at the related Mortgage Loans, Pass-Through Rate with respect to each Class during the related Interest Accrual Period and the percent of respective portions thereof, if any, remaining unpaid following the Aggregate Loan Balance distributions made in respect of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business Certificates on the last day of the calendar month next preceding such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Property, the 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 aggregate amount of any unreimbursed Delinquency Advances and Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the extent not covered by Compensating Interest Payments by the Servicer or the Master Servicer pursuant to the Servicing AdvancesAgreement or Section 6.06;
(Fxvi) the Group I, Group II, Group III and Group IV Available Funds;
(xvii) the Pass-Through Rate for each Mortgage Loan which is in foreclosure, the Loan Balance Class of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Certificates for such Distribution Date and the last paid-to- date, basedDate; and
(Gxviii) the principal balance 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 such Group I, Group II, Group III and Group IV Mortgage Loan that was modified Loan. The information set forth above shall be calculated or extended pursuant reported, as the case may be, by the Securities Administrator, based solely on, and to Section 2.10 or 3.01 hereofthe extent of, information provided to the Securities Administrator by the Master Servicer. Within a reasonable period of time (which The 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 via the Securities Administrator's website initially located at "www.ctslink.com." Ass▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇g the website can be obtained by calling the Securities Administrator's customer service desk at (301) 815-6600. Parti▇▇ ▇▇▇▇ ▇▇▇ ▇▇able to use the 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 Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more than 45 daysconvenient and/or more accessible to the parties, and the Securities Administrator shall provide timely and adequate notification to all parties regarding any such change.
(b) after the end By January 30 of each calendar yearyear beginning in 2005, the Trust Administrator shall Trustee will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Class A Certificate a statement containing the information set forth in amounts reported pursuant to subclauses (aa)(ii) through and (ca)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of 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 Trust Administrator obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator or the Trustee pursuant to any the requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and Component Balance of each Component after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) Senior Percentage for Loan Group 1, the amount of any Available Funds Shortfall;
(k) Crossed Loan Group Senior Percentage, the Net WAC Cap;
(l) Loan Group 1 Subordinate Percentage and the amount, if any, of Realized Losses CB Crossed Loan Group Subordinate Percentage for such Distribution Date and for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such following Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(qviii) the amount of the Servicing Fee paid to or retained by the Servicer;
(r) each Servicer with respect to each Loan Group and such Distribution Date and the amount of Administrative the Master Servicing Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Master Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeix) the Pass-Through Rate for the each such Class A of Certificates for with respect to such Distribution Date;
(ffx) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of any unreimbursed Delinquency Advances and Servicing AdvancesRealized Losses incurred during the preceding calendar month;
(Fxv) the Notional Amount for each Mortgage Loan which is in foreclosure, the Loan Balance Class of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio Interest Only Certificates and the loan-to-value ratio Notional Amount for each Interest Only Component for such Distribution Date;
(xvi) the Cap Carryover Amounts distributed on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- dateCap Carryover Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xvii) the amount of Net Deferred Interest added to the Class Certificate Balance of any Class of Certificates or the Component Balance of any Component;
(xviii) for each Loan Group, basedthe Reimbursement Amount; and
(Gxix) for each Loan Group, the principal balance amount of Recoveries.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and make available to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-F Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificates delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Payoffs, Curtailments, Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount of Administrative the WMMSC Master Servicing Fee paid to the Trustee WMMSC Master Servicer with respect to each Loan Group and the Trust Administratorsuch Distribution Date;
(six) the amount Pass-Through Rate for each such Class of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tx) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xv) for each Loan Balance of such Mortgage LoanGroup, 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 amount of any unreimbursed Delinquency Advances WF Master Serviced Loan Reimbursement Amounts and Servicing Advances;
(F) for each Mortgage WMMSC Master Serviced Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedReimbursement Amounts; and
(Gxvi) for each Loan Group, the principal balance amount of Recoveries.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities Administrator, based upon information supplied to it on the Master Servicer's Certificates, shall make available to each Holder of a Certificate, each Rating Agency and the Master Servicers a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder information to be reported to the Holders of the Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holders of the Residual Certificates by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-SES Notional Amount, the Value of the Mortgaged PropertyClass 1-IO Notional Amount, the LoanClass 2-toSES Notional Amount, the Class 2-Value Ratio IO Notional Amount, the Class 3-SES Notional Amount and the loanClass 3-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding IO Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(Gxviii) for each Loan Group, the principal balance amount of Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
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. On each Distribution Date Date, the Trust Securities Administrator shall forward by mail provide or make available, upon request to each Holder of a Class A Certificate and the Certificate Insurer Credit Risk Manager, a statementstatement (each, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, a "Remittance Report") as to the distributions made to such Certificateholders on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Chargesprincipal;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of the Certificates allocable to interest and the calculation thereofinterest;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by each Interim Servicer and each Servicer and the end of Master Servicing Fee received by the Master Servicer during the related Due Period;
(eiv) the number and aggregate Principal Balance of the Group I Loans and Group II Loans delinquent one, two and three months or more;
(v) the (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 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 Group I Loans and Group II Loans;
(vi) the aggregate Principal Balance of the Group I Loans and Group II Loans as of the close of business on the last day of the related Prepayment Period;
(vii) the amount of Special Hazard Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the applicable Determination Date;
(viii) the amount of Bankruptcy Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the 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 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 Date 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) with respect to any 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 the Scheduled Principal Balance of such 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 last Business Day of the calendar month preceding the Distribution Date with respect to the Group I Loans and Group II Loans;
(xvi) the aggregate amount of Extraordinary Trust Fund expenses withdrawn from the Distribution Account for such Distribution Date;
(xvii) the aggregate Certificate Principal Balance of each Class of Class A Certificates Certificates, after giving effect to the distributions and allocations of Realized Losses made on such Distribution Date, separately identifying any payment reduction thereof due to allocations of principal Realized Losses;
(xviii) the aggregate amount of any 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 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 Class of Certificates as of such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(kxxi) the Net WAC Cap;
(l) the amountRate Carryover Amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aaxxii) the Reimbursement Net WAC Rate Carryover Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxxiii) the amount of any deposit to each Reserve Fund contemplated by Section 3.25;
(xxiv) the balance of the each Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxv) the amount of any withdrawal from the related Reserve Fund pursuant to Section 4.04(a)(II)(ix4.1(a)(v) and (b)(iv); and
(xxvi) the balance of the each Reserve Fund after all deposits and withdrawals on such Distribution Date; . The Securities Administrator shall make such statement (and
(hh, at its option, any additional files containing the same information in an alternative format) the amount distributed available each month to the Class R Certificateholders, the Trustee and the Rating Agencies via the Securities Administrator's internet website. Items (a), (b), (c) The Securities Administrator's internet website shall initially be located at http:\\w▇▇.▇▇▇▇▇▇▇.▇▇▇ and (e) assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at 1-▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall also be presented on have the basis of a certificate having a $1,000 denominationright to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In addition, on each Distribution Date the Trust Administrator shall distribute case of information furnished pursuant to each Holder, together with the information described subclause (i) above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Regular Interest Certificate a statement containing the information set forth in subclause (i) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A R Certificate a statement containing setting forth the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amountsamount, 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 Trust Administrator 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 Trust Securities Administrator shall, upon written request, forward furnish to any Certificateholder within five Business Days after each Certificateholder, during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Serviceras applicable, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities 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) On each Distribution Date Date, the Trust Securities Administrator shall forward by mail provide or make available, upon request to each Holder of a Class A Group I Senior Certificate, Group II Senior Certificate and Group I/II Subordinate Certificate and the Certificate Insurer Credit Risk Manager, a statementstatement (each, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, 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 I Senior, Group II Senior and Group I/II Subordinate Certificates allocable to principal;
(ii) the amount of the distribution made on such Distribution Date to the Holders of the Group I Senior, Group II Senior and Group I/II Subordinate Certificates 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 I Loans and Group II Loans delinquent one, two and three months or more;
(v) the (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 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 Group I Loans and Group II Loans;
(vi) the aggregate Principal Balance of the Group I Loans and Group II Loans as of the close of business on the last day of the related Prepayment Period;
(vii) the amount of Special Hazard Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the applicable Determination Date;
(viii) the amount of Bankruptcy Coverage available to the Group I Senior Certificates and Group II Senior Certificates remaining as of the close of business on the 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 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 Date 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) with respect to any 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 the Scheduled Principal Balance of such Loan;
(xv) 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 with respect to the Group I Loans and Group II Loans;
(xvi) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the related Distribution Account for such Distribution Date;
(xvii) the Class Principal Balance of each Class 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 the following informationforth:
(ai) the amount of the distributions, separately identified, with respect distribution made on such Distribution Date to the Holders of the Group III Certificates of each Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class III-P Certificates allocable to Prepayment Charges;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of the Group III Certificates of each Class allocable to interest and the calculation thereofinterest;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by each Servicer and Master Servicing Fee received by the end of Master Servicer during the related Due Period;
(eiv) the Certificate number and aggregate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Datethe Group III Loans delinquent one, two and three months or more;
(fv) the amount (A) number and aggregate Principal Balance of any Insured Payment included 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 amounts distributed to the Holders of Offered Certificates on such Distribution DateLoans;
(gvi) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate aggregate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Group III Loans as of the close of business on the last day of the related Due Prepayment Period;
(pvii) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances Principal Prepayments made during the related Prepayment Period and the aggregate amount of Nonrecoverable Delinquency Advances any Prepayment Charges received in respect thereof;
(viii) the amount of Group III Realized Losses with respect to such 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 and allocated to the Certificates since the Cut-Off Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vix) the amount of cumulative Realized Losses and its percentage interest accrued but not paid to each Class of the Cut-off Date Pool Balance;
Group III Certificates entitled to interest since (wa) the Cut-off prior Distribution Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereofand (b) the Closing Date;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account funds advanced by the each Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Master Servicer for such Distribution Date;
(aaxi) the Reimbursement Amount, if any total amount of Payoffs and Curtailments received during the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreementrelated Prepayment Period;
(bbxii) whether with respect to any Group III Loan that became an REO Property during the Step Down Trigger or preceding calendar month, the Step Up Trigger has occurred and whether loan number of such Group III Loan, the Servicer Termination Test has been violated Principal Balance and the Rolling Delinquency Percentage and Scheduled Principal Balance of such Group III Loan;
(xiii) to the Annual Loss Percentage for extent provided by the current 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;
(ccxiv) the aggregate amount of payments received under extraordinary Trust Fund expenses withdrawn from the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates related Distribution Account for such Distribution Date;
(ffxv) the Basis Risk ShortfallClass 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 Required Overcollateralization Amount and the Credit Enhancement Percentage for such Distribution Date;
(xix) the Overcollateralization Increase Amount, if any, for such Distribution Date and Date;
(xx) the Unpaid Basis Risk ShortfallsOvercollateralization Reduction Amount, if any, for such Distribution Date;
(xxi) the Net WAC Rate Carryover Amount, if any, for such Distribution Date;
(xxii) the Net WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxxiii) the respective Pass-Through Rates applicable to the Group III Senior, the Group III Mezzanine and 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 amounts on such Distribution Date, ;
(xxvi) the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix4.3(iii)(3); and
(xxvii) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; . The Securities Administrator shall make such statement (and
(hh, at its option, any additional files containing the same information in an alternative format) the amount distributed available each month to the Class R Certificateholders, the Trustee and the Rating Agencies via the Securities Administrator's internet website. Items The Securities Administrator's internet website shall initially be located at http:\\www.ctslink.com and ass▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇g the website can be obtained by calling the Securities Administrator's customer service desk at 1-301-815-6600. Parties ▇▇▇▇ ▇▇▇ ▇▇▇▇le to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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), (b), (ca)(i) and (eb)(ii) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Regular Interest Certificate a statement containing the information set forth in subclauses (a)(i) and (b)(ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time are in force. Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A R Certificate or Class III-R Certificate a statement containing setting forth the information set forth in subclauses (a) through (c) aboveamount, if any, actually distributed with respect to the 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. Such obligation The Securities Administrator shall, upon request, 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 reasonable with respect to the Certificateholder, as applicable, or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided at the expense of the Trust Administrator shall be deemed to have been satisfied to Certificateholder, in accordance with such reasonable and explicit instructions and directions as the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in forceCertificateholder may provide. On each Distribution Date the Trust Securities Administrator shall forward to the Certificate Insurerprovide Bloomberg Financial Markets, the Depositor, the Trustee, L.P. ("Bloomberg") CUSIP level factors for each Holder Class of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on Certificates as of such Distribution Date, using a format and a report of the amounts, if any, actually distributed with respect media mutually acceptable to the Class R Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Securities Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestBloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1)
Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) Concurrently with each distribution to Certificateholders, the amount of the distributions, separately identified, with respect Securities Administrator shall make available to the Class A Certificates;parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information (such information the "Monthly Statement"):
(bi) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the each Class P Certificates of Certificates, separately identified, allocable to Prepayment Chargesprincipal;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest, separately identified;
(diii) the Aggregate Loan aggregate amount the Servicing Fee during the related Due Period and such 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 the related Due Period;
(v) the aggregate Stated Principal Balance as of the Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans at the close of business at the end of the related Due Period;
(evi) the Certificate Principal Balance of each Class of Class A Certificates after giving effect number, weighted average remaining term to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal maturity and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Interest Rate of Group I Mortgage Loans, the Group II Mortgage Loans and the Group III Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tvii) the number and aggregate unpaid principal balance of Group I Mortgage Loans, Group II Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Group III Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a)) one month, two months or three months delinquent on a contractual basis, (b), ) as to which foreclosure proceedings have been commenced and (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of the close of business on the last day of the calendar month next preceding such Distribution Date and determined in accordance with the aggregate Loan Balances of all Mortgage Loans as of such dateMBA method;
(Bviii) 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 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 number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than book value of any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all REO Property as of the close of business on the last day Business Day of the calendar month next preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding due period;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) 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 related Due Period and 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;
(Cxiv) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Class Certificate Balance of such Mortgage Loans each Class of Certificates, after giving effect to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business distributions made on the last day of the calendar month next preceding such Distribution Date;
(Dxv) the number aggregate amount of REO Properties, the Aggregate Loan Balance of interest accrued at the related Mortgage Loans, Pass-Through Rate with respect to each Class during the related Interest Accrual Period and the percent of respective portions thereof, if any, remaining unpaid following the Aggregate Loan Balance distributions made in respect of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business Certificates on the last day of the calendar month next preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO Property, the 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 aggregate amount of any unreimbursed Delinquency Advances and Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the extent not covered by Compensating Interest Payments by the related Servicer or the Master Servicer pursuant to the related Servicing AdvancesAgreement or Section 6.06;
(Fxvii) the Group I Available Funds, Group II Available Funds and Group III Available Funds;
(xviii) the Pass-Through Rate for each Mortgage Loan which is in foreclosure, the Loan Balance Class of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Certificates for such Distribution Date and the last paid-to- date, basedDate; and
(Gxix) the principal balance 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 such Group I Mortgage Loan, Group II Mortgage Loan that was modified and Group III Mortgage Loan. The information set forth above shall be calculated or extended pursuant reported, as the case may be, by the Securities Administrator, based solely on, and to Section 2.10 or 3.01 hereofthe extent of, information provided to the Securities Administrator by the Master Servicer. Within a reasonable period of time (which The 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 via the Securities Administrator's website initially located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more than 45 daysconvenient and/or more accessible to the parties, and the Securities Administrator shall provide timely and adequate notification to all parties regarding any such change.
(b) after the end By January 30 of each calendar yearyear beginning in 2008, if so requested in writing, the Trust Securities Administrator shall will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Class A Certificate a statement containing the information set forth in amounts reported pursuant to subclauses (aa)(ii) through and (ca)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of 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 Trust Administrator obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any the requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01 and based on information in the Mortgage Certificate Distribution Date Statements, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for Group 1, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(cii) for Group 2, the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Group 2 Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof amounts of principal received with respect to each Mortgage Certificate;
(iii) for Group 1, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class 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;
(hvi) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses Pool Stated Principal Balance for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such following Distribution Date;
(nviii) the total 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 Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with principal losses thereto in respect to the preceding monthof such Mortgage Certificate Distribution Date;
(oA) the weighted average Mortgage Rate of Group 1 Senior Percentage, the Mortgage Loans as of Group 1 Senior Prepayment Percentage, the last day of Subordinate Percentage and the related Due PeriodSubordinate Prepayment Percentage for such Distribution Date and (B) the Group 1 Senior Percentage, the Group 1 Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(px) the current weighted average of the remaining terms of the Mortgage Loans;
(q) for Group 1, the amount of the Servicing Fee paid to or retained by the Servicereach Servicer with and such Distribution Date;
(rxi) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(txii) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) for Group 1, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxiii) the balance number and aggregate principal amounts of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor Group 1, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup 1, the Loan Balance aggregate amount of Realized Losses incurred during the Prior Period or any Class PO Deferred Amount for such Mortgage LoanDistribution Date;
(xvii) for Group 2, 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 amount of any unreimbursed Delinquency Advances and Servicing AdvancesGroup 2 Realized Loss Shortfall Amount allocated as of such Distribution Date;
(Fxviii) the Class 1-A-11 Notional Amount, the Class 1-A-12 Notional Amount, the Class 30-IO Notional Amount and the Class 2-A-8 Notional Amount for such Distribution Date;
(xix) for each Mortgage Loan which is in foreclosureGroup 1, the Loan Balance amount of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedReimbursement Amounts; and
(Gxx) for Group 1 the principal balance amount of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yeartotal Recoveries, the Trust Administrator Class PO Recovery and the Non-PO Recovery.
(b) No later than each Distribution Date, the Securities Administrator, based upon information supplied to it on the Master Servicer's Certificate and the Mortgage Certificate Distribution Date Statements, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Master Servicer, (i) a statement containing setting forth the information set forth in subclauses (aSection 5.06(a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-3 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan 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, any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution and the Class 1-CB-5 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage Loan, Realized Losses incurred during the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class PO Deferred Amounts for such Distribution Date Date;
(xv) the Class 1-CB-WIO Notional Amount, Class 2-NC-WIO Notional Amount, Class 3-A-WIO Notional Amount, Class 1-CB-SES Notional Amount, Class 2-NC-SES Notional Amount and Class 3-SES Notional Amount for such Distribution Date;
(xvi) the last paid-to- date, basedAncillary Income for each Class SES Component for such Distribution Date; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of the REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Ser 2003 9)
Statements to Certificateholders. On each (a) (i) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on each Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01 and with respect to subsections (W) and (X) below, after consultation with the Depositor, the Securities Administrator shall forward by mail to each Holder of a Class A Certificate and determine the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as following information with respect to the distributions made on Shifting Interest Certificates and such Distribution Date, setting forth the following information:
(aA) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(B) the Pool Distribution Amount for each Shifting Interest Loan Group;
(C) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount for each Shifting Interest Loan Group allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(D) the amount of the Pool Distribution Amount for each Shifting Interest Loan Group allocable to interest and for each Related Group, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(E) if the distribution to the Holders of such Class of Shifting Interest Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cF) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Shifting Interest Certificates and the Component Balance of each Component before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fG) the amount Stated Principal Balance of any Insured Payment included in the amounts distributed to Group 1 Mortgage Loans, Group 2 Mortgage Loans and the Holders of Offered Certificates on 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;
(gI) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Administrative Fees paid to or retained by the Servicers with respect to Loan Group 1, Loan Group 2 and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Loan Group 3 and such Distribution Date;
(iJ) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of WMMSC Master Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances WMMSC Master Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeK) the Pass-Through Rate for the each such Class A of Shifting Interest Certificates for and each Component with respect to such Distribution Date;
(ffL) the Basis Risk Shortfall, if any, for amount of Periodic Advances with respect to the Mortgage Loans included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor with respect to the Mortgage Loans as of the close of business on the Determination Date immediately preceding such Distribution Date;
(ggM) the balance number and aggregate principal amounts of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Shifting Interest Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(CN) with respect to any Shifting Interest Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(O) 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;
(P) the aggregate amount of Realized Losses with respect to the Aggregate Shifting Interest Loan Balance Group incurred during the preceding calendar month and any PO Deferred Amounts for each of all Group 1 and Group 2 for such Distribution Date;
(Q) the Class 1-X-IO Notional Amount, the Class 2-X-IO Notional Amount and the Class X-IO Notional Amount for such Distribution Date;
(R) 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;
(U) any material modifications, extensions or waivers to Shifting Interest Mortgage LoansLoan terms, all fees, penalties or payments since the previous Distribution Date;
(V) 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 next preceding such Distribution Date;
(DW) unless such information is otherwise set forth in the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans Form 10-D relating to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and provided that the last paid-to- dateSecurities Administrator is reasonably able to include such information in the statement, basedmaterial breaches of Shifting Interest Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice; and
(GX) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the unless such information is otherwise set forth in subclauses (a) through (c) above, aggregated for the Form 10-D relating to such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date and provided that the Trust Securities Administrator shall forward is reasonably able to include such information in the Certificate Insurerstatement, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies material breaches of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder covenants under this Agreement of which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excluding, however, routine items sent to Mortgagors, taxing has knowledge or local property records authorities and similar items) which, in the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requesthas received written notice.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-3 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificates delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; therein 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 ChargesPremiums and Servicer Prepayment Premium Payment Amounts;
(cii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of such distributions allocable to interest the shortfall and the calculation thereofallocation thereof as between principal and interest;
(div) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount of Administrative the Master Servicing Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Master Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeix) the Pass-Through Rate for the each such Class A of Certificates for with respect to such Distribution Date;
(ffx) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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;
(Bc) the number ofin bankruptcy, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xv) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any Class PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xvi) the Class 1-CB-IO Notional Amount, the Value of the Mortgaged PropertyClass 2-A-IO Notional Amount, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Class 3-A-IO Notional Amount and Class 3-A-14 Notional Amount for such Distribution Date;
(xvii) for each Loan and Group the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosuretotal Recoveries, the Class PO Recovery and the Non-PO Recovery and for Loan Balance of such Mortgage LoanGroup 1, the Value amount of the Mortgaged Property, Class PO Recovery for Loan Group 1 allocated to the LoanClass 1-to30-Value Ratio PO Component and the loanClass 1-toCB-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedPO Certificates; and
(Gxviii) the principal balance Mortgage Loan identifying number of each Mortgage Loan with a Prepayment Premium that was modified the subject of a Principal Prepayment in Full during the related Collection Period, the Prepayment Premium listed on each related Mortgage Note and the Prepayment Premium collected or extended the Servicer Prepayment Premium Payment Amount paid by the Servicer with respect to each such Mortgage Loan.
(b) No later than each Distribution Date, the Securities Administrator, based upon information supplied to it on the Master Servicer's Certificates, 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder information to be reported to the Holders of the Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holders of the Residual Certificates by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by Holders of Certificates (other than the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Class P Certificates) with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested 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 writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificate delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class for such Distribution Date;
(ii) for each Loan Group, the related Pool Distribution Amount;
(iii) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(v) if the distribution to the Holders of such Class of Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on 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;
(gix) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Total Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Subordinate Percentage for such Distribution Date;
(ix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer 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;
(rxi) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vxii) the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 1 to 30 days, 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregated Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition of the REO Properties;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xvii) for each Loan Group, the Reimbursement Amount;
(xviii) for each Loan Group, the amount of Recoveries;
(xix) for each Loan Group, the number of Mortgage Loans at the end of the applicable reporting period, and the Net WAC and weighted average remaining term;
(xx) 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 Mortgage Loan representations and warranties of which the Trustee has knowledge or has received written notice; and
(xxi) unless such information is an REO Propertyotherwise 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 Loan Balance Trustee has knowledge or has received written notice. For all purposes of such this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on 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 so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loan and the amount Loans. By way of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each example, a Mortgage Loan which would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of not made by the close of business on the last day of the calendar month Mortgage Loan's next preceding such Distribution Date succeeding Due Date, and the last paid-to- date, based; and
(G) the principal balance of each a Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not would be more than 45 days30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date.
(b) after the end of No later than each calendar yearDistribution Date, the Trust Administrator Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (aiii) through and (civ) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for such Distribution DateDate (a "Monthly Statement"). 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 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant parties to this Agreement (excluding, however, routine items sent to Mortgagors, taxing or local property records authorities and similar items) which, in via the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Trustee's Internet
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-E Trust)
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Administrator Trustee shall forward make available electronically via its Internet Website or, upon written request, by mail first class mail, to each Holder Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicers, the Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a Class A Certificate and the Certificate Insurer statement (a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification"Distribution Date Statement"), as to the distributions made on such Distribution Date, setting 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 the following informationon Exhibit B hereto and, in any event, shall set forth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class P 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;
(civ) the amount of the distribution on such distributions allocable Distribution Date to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Holders of each Class of Class A Sequential Pay Certificates after giving effect to any payment in reimbursement of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of previously allocated Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Additional Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage LoansFund Expenses;
(v) the amount of cumulative Realized Losses total payments and its percentage other collections received by the Trust during the related Collection Period, the fees and expenses paid therefrom (with an identification of the Cut-off Date Pool Balance;
(w) general purpose of such fees and expenses and the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) party receiving such fees and expenses), the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Available Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on respective portions of such Available Distribution DateAmount attributable to each Loan Group;
(ggvi) (a) the balance aggregate amount of the Reserve Fund prior P&I Advances made with respect to the deposit or withdrawal of any amounts on entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date, the amount of any withdrawal from the Reserve Fund Date pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a4.03(a), (b)including, (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In additionwithout limitation, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator any amounts applied pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category4.03(a)(ii), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York P&I Advan▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇▇ to the entire Mortgage Pool, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇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 Class A Certificateholders close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of either Master Servicer or the Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a report 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 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;
(xix) 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 Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest, the Class AJ-FL REMIC II Regular Interest, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively, for such Distribution Date;
(xxi) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case, separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xxii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xxiii) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xxiv) the Class Principal Balance and Class X Notional Amount, as applicable, of each Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxv) the Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively, immediately following such Distribution Date;
(xxvi) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxvii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Special Servicer, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxviii) the aggregate amount of servicing compensation (separately identifying the amount of each category of compensation) paid to the Master Servicers and the Special Servicer during the related Collection Period;
(xxix) the loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(xxx) the original and then current credit support levels for each Class of Regular Certificates, 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 amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxxiv) the amounts, if any, actually distributed with respect to the Class R Y Certificates, Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(xxxv) a brief description of any uncured Event of Default known to the Trustee (to the extent not previously reported) and, as determined and/or approved by the Depositor, any other information necessary to satisfy the requirements of Item 1121(a) of Regulation AB that can, in the Trustee's reasonable judgment, be included on the Distribution Date Statement without undue difficulty. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii) and (xxxiii) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicers may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. Each Distribution Date Statement shall identify the Distribution Date to which it relates and the Record Date, the Interest Accrual Period, the Determination Date and the Collection Period that correspond to such Distribution Date. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicers or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by either Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicers or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trust Administrator Trustee shall furnish send to any each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i) 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 such other information as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class R of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate a statement containing Owner upon the information provided pursuant request of such Certificate Owner made in writing to the previous paragraph aggregated for Corporate Trust Office (accompanied by current verification of such calendar year or applicable Certificate Owner's ownership interest). Such portion thereof during which of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing via overnight courier delivery or receipt thereof by facsimile from the Trustee, as ; provided that the case may be, copies cost of any (i) directions, notices, certificates, opinions such overnight courier delivery or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) facsimile shall be at the an expense of the party requesting Certificateholder; and providedsuch information.
(a) to the extent it receives the necessary underlying information from the Special Servicer or either Master Servicer, furtheras applicable, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.an
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-6)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group and the Class SES, 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-SES Notional Amount, the Value of the Mortgaged PropertyClass 1-IO Notional Amount, the LoanClass 2-to-Value Ratio SES Notional Amount and the loanClass 2-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding IO Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(Gxviii) for each Loan Group, the principal balance amount of Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Pass Thru Ser 2004-B)
Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) Prior to the amount of Distribution Date in each month, based upon the distributionsinformation provided to the Trustee on the Servicer's Certificate delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xxii) and (xxiii) below, separately identifiedafter consultation with the Depositor, the Trustee shall determine the following information with respect to the Certificates and such Distribution Date:
(i) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class A Certificatesof Certificates for such Distribution Date;
(bii) the Pool Distribution Amount for each Loan Group;
(iii) for each Group and the Exchangeable Certificates, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 Group and the Exchangeable Certificates, the amount of the distribution made on such Pool Distribution Date to the Holders of the Class P Certificates Amount allocable to Prepayment Chargesinterest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(cv) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates (other than the Exchangeable Certificates) prior to and after giving effect to any payment the distribution of principal on such Distribution Date and the Maximum Class Certificate Balance of each Class of Exchangeable Certificates;
(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 Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(fviii) the amount of any Insured Payment included in Total Senior Percentage and the amounts distributed to the Holders of Offered Certificates on Total Subordinate Percentage for such Distribution Date;
(gix) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of the Servicing Fees paid to or retained by the Servicer with respect to each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Loan Group and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(ix) the amount Pass-Through Rate for each such Class of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vxi) the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaxii) the Reimbursement Amount, if any number and aggregate principal amounts of the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(xiv) 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;
(xv) the Class 8-A-5 Notional Amount for such Distribution Date;
(xvi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xvii) for each Loan Group, the Reimbursement Amount;
(xviii) for each Loan Group, the amount 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) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the Aggregate previous Distribution Date;
(xxi) for the Mortgage Loans in each Loan Balance of all Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage LoansInterest Rate, all the weighted average remaining term, each as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Dxxii) unless such information is otherwise set forth in the number 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 REO PropertiesMortgage Loan representations and warranties of which the Trustee 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 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
(xxiv) whether any exchanges of Exchangeable or Exchangeable REMIC Certificates have taken place since the preceding Distribution Date, and, if applicable, the Aggregate Loan Balance 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 related 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. By way of example, and the percent of the Aggregate a Mortgage Loan Balance of would be delinquent with respect to a Monthly Payment due on a Due Date if such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of Monthly Payment is not made by the close of business on the last day of the calendar month Mortgage Loan's next preceding such Distribution succeeding Due Date;
(E) for each , and a Mortgage Loan which is an REO Property, the Loan Balance of would be more than 30-days delinquent with respect to such Mortgage Loan, the loan number of Monthly Payment if such Mortgage Loan, the Value of the Mortgaged Property, the value established Monthly Payment were not made by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; andMortgage Loan's second succeeding Due Date.
(Gb) the principal balance of No later than each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearDistribution Date, the Trust Administrator Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency, the Depositor and the Servicer, a statement containing setting forth the information set forth in subclauses Sections 5.05(a). In the case of information furnished pursuant to clauses (aiii) through and (civ) aboveof Section 5.05(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestDate Statement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-E Trust)
Statements to Certificateholders. On 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 Distribution Date Remittance Date. The Trustee and the Trust Administrator 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, shall forward or cause to be forwarded by mail to each Holder of a Class A Certificate and (if the Certificate Insurer Originator is not the Servicer) the Originator a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationfollowing:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(bi) the amount of such distributions 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 any remaining Unpaid Class A Interest Shortfall after giving effect to such distribution;
(ii) 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 monthly scheduled payments of principal or other recoveries of principal included therein; , and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of any remaining Unpaid Class A Certificates Principal Shortfall after giving effect to any payment of principal on such Distribution Datedistribution;
(fiii) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of for each Class of Class A Certificates, in each case after giving effect to any payment the distribution of principal on such Distribution Remittance Date;
(iiv) the amount of any OC Release Amount;
(j) Class A Percentage for such Remittance Date and the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution following Remittance Date;
(nv) the total Pool Scheduled Principal Balance of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding monthContracts for such Remittance Date;
(ovi) the weighted average Mortgage Rate Pool Factor;
(vii) the number and aggregate principal balances of Contracts delinquent (a) 30-59 days and (b) 60 or more days;
(viii) the Mortgage Loans number of Manufactured Homes that were repossessed during the month ending immediately prior to such Remittance Date, the number of repossessed Manufactured Homes that remain in inventory as of the last day of the related Due PeriodPeriod and repossessed Manufactured Homes purchased by the 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 Contracts and aggregate purchase price;
(pix) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number Contracts and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan aggregate Scheduled Principal Balance of each Mortgage Loan which was modified Contracts extended or extended pursuant to Section 2.11 or 3.07 hereof;otherwise amended during the Due Period preceding current Remittance Date.
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report Class M-1 Distribution Test (as defined set forth in Section 4.06 hereofExhibit N hereto);
(zxi) the Interest Class M-2 Distribution Amount and the Principal Distribution Amount for such Distribution DateTest (as set forth in Exhibit N hereto);
(aaxii) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance AgreementClass B Distribution Test (as set forth in Exhibit N hereto);
(bbxiii) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution DateWeighted Average Contract Rate of all outstanding Contracts;
(ccxiv) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk ShortfallM-1 Interest Deficiency Amount, if any, for such Distribution Date and Remittance Date;
(xv) the Unpaid Basis Risk ShortfallsClass M-2 Interest Deficiency Amount, if any, outstanding after reimbursements therefor on for such Distribution Remittance Date;
(ggxvi) the balance of Class B-1 Interest Deficiency Amount, if any, for such Remittance Date;
(xvii) the Reserve Fund prior to the deposit or withdrawal of any amounts on Overcollateralization Amount, if any, for such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Remittance Date; and
(hhxviii) the Additional Principal Distribution Amount, if any, to be distributed on such Remittance Date pursuant to Section 8.03(a)(12). In the case of information furnished pursuant to clauses (i) through (iii) above, the amounts shall be expressed as a dollar amount distributed to the per Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having A Certificate with a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish or cause to be furnished to each Person who at any time during the calendar year was a the Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for with respect to interest accrued and principal paid on its Certificates during such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. .
c. On each Distribution Date Remittance Date, the Trust Administrator Trustee shall forward or cause to the Certificate Insurer, the Depositor, the Trustee, be forwarded by mail to each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) M-1 Certificate a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ of the Monthly Report forwarded to the Holders of Class A Certificateholders Certificates on such Distribution Remittance Date. The Servicer shall also furnish to the Trustee, and a which shall forward such report of the amounts, if any, actually distributed with respect to the Class R 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 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 Distribution 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 Trust Administrator Trustee shall furnish or cause to any be furnished to each Person who at any time during the calendar year was a the Holder of a Class R M-1 Certificate a statement containing the applicable distribution information provided pursuant to the previous paragraph this Section aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a CertificateholderClass 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 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 Monthly Report forwarded to the Holders of Class A Certificates and Class M-1 Certificates on such Remittance Date. The Trust Administrator shall, upon written request, forward Servicer shall also furnish to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, which shall forward such report to the Class M-2 Certificateholders as part of the case may beMonthly Report, copies of any the following information:
(i) directionsthe amount of such distribution to Holders of Class M-2 Certificates allocable to interest, noticesseparately identifying any Unpaid Class M-2 Interest Shortfall included in such distribution, certificatesany remaining Unpaid Class M-2 Interest Shortfall after giving effect to such distribution, opinions or reports furnished hereunder by the Trust Administrator 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 the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, such distribution;
(ii) directionsthe amount of such distribution to Holders of Class M-2 Certificates allocable to principal, notices, certificates, reports, opinions or separately identifying the aggregate amount of any other information or document furnished Principal Prepayments included therein and any remaining Unpaid Class M-2 Principal Shortfall after giving effect to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and such distribution;
(iii) anything requested 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 described above in writing by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement Section 6.05(b)(v) through (excluding, however, routine items sent to Mortgagors, taxing or local property records authorities and similar items) which, in the case of clause (iiixviii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) On each Determination Date, the amount of Master Servicer shall provide the distributionsTrustee and the Paying Agent access to a statement in order to make available to each Certificateholder, separately identified, and concurrently with each distribution to Certificateholders the Trustee shall make available to them such statement with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the their distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;setting forth:
(i) the amount of any OC Release Amountthe 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;
(jii) the amount of any Available Funds Shortfall;
(k) Interest Carry Forward Amount and Supplemental Interest Amount for each Class paid on such Distribution Date and the Net WAC Cap;
(l) the amount, if any, amount of Realized Losses any Interest Carry Forward Amount or Supplemental Interest Amount for the previous calendar month;
(m) the Overcollateralized Amount each Class remaining after giving effect to all the distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(siii) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Extra Principal Distribution Amount for such Distribution Date;
(aaiv) the Reimbursement AmountPrincipal Distribution Amount for such Distribution Date, if any and separately stating the amount, if any, allocable to principal, components thereof;
(v) the amount allocable to interest Principal Carry Forward Amount for each Class paid on such Distribution Date and the amount allocable of any Principal Carry Forward Amount for each Class remaining after giving effect to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current distribution s on such Distribution Date;
(ccvi) 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) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates any Substitution Adjustment Amounts for such Distribution Date;
(ffviii) the Basis Risk ShortfallServicing Fee for such Collection Period and any accrued amounts thereof that remain unpaid for previous Collection Periods;
(ix) the amount, if any, for such Distribution Date and to be distributed to the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor Equity Certificateholder on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution DateOvercollateralization Amount, the amount of any withdrawal from Interim Overcollateralization Amount, the Reserve Fund pursuant to Section 4.04(a)(II)(ix) Interim Overcollateralization Deficiency, the Overcollateralization Release Amount, the Targeted Overcollateralization Amount and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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 Monthly Excess Cashflow for such Distribution Date;
(Cxi) the number of, of Home Equity Loans outstanding at the beginning and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance end of such Mortgage Loans to Collection Period;
(xii) the Aggregate Loan Pool Balance of all Mortgage Loans, all as of the close end of business such Collection Period;
(xiii) the Certificate Principal Balance of each Class of Certificates and the Pool Factor after giving effect to the distribution on the last day of the calendar month next preceding such Distribution Date;
(Dxiv) the number and aggregate Principal Balances of REO PropertiesHome Equity Loans (x) as to which the scheduled monthly payment is contractually delinquent for 30-59 days, the Aggregate Loan Balance of the related Mortgage Loans60-89 days and 90 or more days, respectively, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans(y) that have become REO, all in each case as of the close end of business on such Collection Period;
(xv) the last day unpaid principal amount of all Home Equity Loans that became Liquidated Home Equity Loans during such Collection Period;
(xvi) 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 calendar month next preceding Class A and Class M Certificates;
(xix) whether an Event of Default has occurred since the prior Determination Date, specifying each such Event of Default if one has occurred;
(xx) LIBOR for such Distribution Date;
(Exxi) the Class A Formula Rate, Class A Pass-Through Rate, Class M Formula Rate and Class M Pass-Through Rate for each Mortgage Loan which is an REO Property, the 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 Distribution Date;
(xxii) the amount of any unreimbursed Delinquency Skip-A-Pay Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedrelated Collection Period; and
(Gxxiii) the principal balance Skip-A-Pay Reimbursement Amount for such Distribution Date.
(b) In the case of each Mortgage Loan that was modified or extended information furnished pursuant to Section 2.10 clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Class A Certificate or 3.01 hereofClass M Certificate, as applicable, with a $1,000 denomination. The Trustee will make the reports referred to in this section (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 website, which is presently located at www.▇▇▇.▇▇▇▇▇▇▇.▇▇▇. ▇▇rsons that are unable to use the above website are entitled to have a paper copy mailed to them via first class mail by calling the Trustee at (800) ▇▇▇-▇▇▇▇. ▇▇e Trustee shall have the right to change the way the reports referred to in this 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 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 (which shall not be more than 45 days) 60 days after the end of each calendar year, the Trust Administrator Master Servicer shall furnish prepare or cause to each Person who at any time during be prepared and shall forward or give access to the calendar year was a Holder of a Class A Certificate a statement containing Trustee the information set forth in subclauses clauses (ai) through and (cii) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trust Administrator Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer pursuant to any requirements of the Code as are from time to time in force. Code.
(e) On each Distribution Date Date, the Trust Administrator Master Servicer shall forward or give access to the Certificate Insurer, the Depositor, the Trustee, each in electronic or written form as may be agreed upon by the Master Servicer and the Trustee, for making available to the Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) Equity Certificate a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ of the report forwarded to the Holders of Class A Certificateholders on such Distribution Date, Certificates and a report of the amounts, if any, actually distributed with respect to the Class R 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 a reasonable period of time 90 days after the end of each calendar year, the Trust Administrator Master Servicer shall furnish forward or give access to any the Trustee for mailing to each Person who at any time during the calendar year was a the Holder of a Class R the Equity Certificate a statement containing the applicable distribution information provided pursuant to the previous paragraph this Section aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by Holder of the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Equity Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or together with any other information or document furnished relating to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested reasonably required in writing by any Certificateholder which the Trust Administrator otherwise sends order 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.enable an Equity
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Statements to Certificateholders. On Concurrently with each Distribution Date -------------------------------- distribution to Investor Certificateholders, the Trust Administrator Trustee shall forward by mail to each Holder of Investor Certificateholder, the Master Servicer, the Credit Enhancer and each Rating Agency a Class A Certificate and statement prepared by the Certificate Insurer a statement, parts of which shall be based upon Master Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as pursuant to the distributions made on such Distribution Date, setting forth the following information:
(a) the amount of the distributions, separately identified, Section 4.01 with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principaldistribution setting forth, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate by Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;Group:
(i) the amount of any OC Release related Investor Floating Allocation Percentage for the preceding Collection Period;
(ii) the related Investor Certificate Distribution Amount;
(jiii) the amount of any Available Funds ShortfallInvestor Certificate Interest for the related Class of Investor Certificates in such distribution and the related Investor Certificate Rate;
(k) the Net WAC Cap;
(liv) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Unpaid Investor Certificate Interest Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount Class of Delinquency Advances outstanding after giving effect to Investor Certificates in such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loansdistribution;
(v) the amount of cumulative Realized Losses and its percentage amount, if any, of the Cut-off Date Pool Balanceremaining Unpaid Investor Certificate Interest Shortfall for the related Class of Investor Certificates after giving effect to such distribution;
(wvi) the Cut-off Date Loan Balance amount, if any, of each Mortgage Loan which was modified or extended pursuant principal in such distribution for the related Class of Investor Certificates, separately stating the components thereof;
(vii) the amount, if any, of the reimbursement of previous Investor Loss Amounts for 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 Section 2.11 or 3.07 hereofsuch distribution;
(ix) the amount, if any, of any Basis Risk Carryforward for the related Class of Investor Certificates in such distribution;
(x) the aggregate amount amount, if any, of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on remaining Basis Risk Carryforward for the related Servicer Remittance Date pursuant Class of Investor Certificates after giving effect to Section 3.23 hereofsuch distribution;
(yxi) the Remittance Report (as defined Servicing Fee for the Mortgage Loans in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount related Loan Group for such Distribution Date;
(aaxii) the Reimbursement Invested Amount, if any the Investor Certificate Principal Balance and the amountLoan Group Factor, if any, allocable each for the related Class of Investor Certificates after giving effect to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreementsuch distribution;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(ccxiii) the amount Loan Group Balance as of payments received under the PMI Policy and end of the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due preceding Collection Period and the dollar amount aggregate of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance Asset Balances of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of such Loan Group at the close of business on the last day of the calendar month next 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. Section 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 any optional advances pursuant to Section 4.05 hereof by the Master Servicer with respect to such Loan Group included in the distribution on such Distribution Date and the aggregate Loan Balances amount of all Mortgage Loans as of such date;
(B) optional advances pursuant to Section 4.05 hereof by the number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all Master Servicer outstanding as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxviii) the Investor Certificate Rate applicable to the related Class of Investor Certificates and such distribution;
(xix) the number of, and the Aggregate Loan Balance of, the principal balances of any Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate related Loan Balance of such Mortgage Loans Group retransferred to the Aggregate Transferor pursuant to (a) Section 2.04 and (b) Section 2.06;
(xx) the amount of Subordinated Transferor Collections with respect to the related Loan Balance Group , if any, included in such distribution;
(xxi) the amount of all Mortgage LoansOvercollateralization Step-Down Amount for the related Class of Investor Certificates, all as of if any, included in such distribution;
(xxii) the close of business on Available Transferor Subordinated Amount with respect to the last day of the calendar month next preceding related Loan Group for such Distribution Date;
(Dxxiii) the number of REO Properties, the Aggregate Loan Balance of Overcollateralization Amount for the related Mortgage Loans, and Class of Investor Certificates for the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such following Distribution Date;
(Exxiv) for each Mortgage Loan which is an REO Propertythe total amount of funds on deposit in the Reserve Fund, the Loan Balance of such Mortgage Loan, amount to be transferred from the loan number of such Mortgage Loan, Reserve Fund to the Value of the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedCollection Account; and
(Gxxv) the principal balance Crossover Amount with respect to each Loan Group. In the case of each Mortgage Loan that was modified or extended information furnished pursuant to Section 2.10 or 3.01 hereofclauses (ii), (iii) in respect of Investor Certificate Interest, (iv), (v), (vi), (vii) and (viii) above, the amounts shall be expressed as a dollar amount per $1,000 increment of Certificates. Within a reasonable period of time (which shall not be more than 45 days) 60 days after the end of each calendar year, the Trust Administrator Master Servicer shall furnish prepare or cause to each Person who at any time during be prepared and shall forward to the calendar year was a Holder of a Class A Certificate a statement containing Trustee the information set forth in subclauses clauses (aiii) through and (cvi) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholderyear. Such obligation of the Trust Administrator Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer or a Paying Agent pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providingCode. The Trustee hereby agrees shall prepare or cause to disclose be prepared (in a manner consistent with the Premium Rate treatment of the Investor Certificates as indebtedness of the Transferor, or as may be otherwise required by Section 3.14) Internal Revenue Service Form 1099 (or any successor form) and any other tax forms required to any Person upon requestbe filed or furnished to Certificateholders in respect of distributions by the Trustee (or the Paying Agent) on the Investor Certificates and shall file and distribute such forms as required by law.
Appears in 1 contract
Statements to Certificateholders. On Concurrently with each distribution charged to the Certificate Account on a Distribution Date the Trust Administrator Trustee shall forward by to the Financial Guaranty Insurer and each Rating Agency and shall mail to each Holder of a Class A Certificate and the Certificate Insurer Certificate, a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, written statement setting forth the following informationinformation with respect to the applicable Class of Offered Certificates to which such statement (a "Statement to Certificateholders") relates:
(a) the amount of the distributions, separately identified, distribution with respect to the each Class A of Certificates;
(b) 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 monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereofinterest;
(d) the Aggregate Loan Balance as of the end of the related Due PeriodInterest Carry Forward Amount for each Class;
(e) the outstanding Certificate Principal Balance of each Class of Class A Offered Certificates which will be outstanding after giving effect to any payment of principal on such Distribution Date;
(f) the amount aggregate of the Principal Balances of all Mortgage Loans after giving effect to any Insured Payment included in the amounts distributed to the Holders payments of Offered Certificates principal on such Distribution Date;Date by Mortgage Loan Group and for the entire Trust, and each Group Factor; 89 95
(g) based upon information furnished by the Insured Distribution Amount for Sponsor, such Distribution Date, separately identifying information as may be required by Section 6049(d)(7)(C) of the portions thereof allocable Code and the regulations promulgated thereunder to principal and interestassist the Certificateholders in computing their market discount;
(h) the principal amount total of each Class A Certificate (based on a Certificate in all amounts paid by the original principal amount of $1,000) which will be outstanding Sponsor and the Certificate Principal Balance 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 Class of Class A Certificates, in each case after giving effect to any payment of principal on Mortgage Loan Group and by reason for such Distribution Datepurchase;
(i) the amount weighted average Mortgage Loan Rate of any OC Release Amountthe Mortgage Loans with respect to each Mortgage Loan Group;
(j) the amount of any Available Funds Shortfallwhether a Trigger Event has occurred and, if so, what event;
(k) the Net WAC CapSenior Enhancement Percentage and the Stepped Up Enhancement Percentage for each Mortgage Loan Group;
(l) the amount of any Extra Principal Distribution Amount included in such distribution;
(m) the related Overcollateralization Amount and Targeted Overcollateralization Amount for each Mortgage Loan Group and all delinquency and loss information necessary to calculate the Targeted Overcollateralization Amount for each Mortgage Loan Group;
(n) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect Insured Amounts distributable to all distributions each Class of Adjustable Rate Group Certificates on such Distribution Date;
(n) , the total Financial Guaranty Insurer Premium paid on such Distribution Date, and the aggregate amount of 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 Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding monthfuture Distribution Date;
(o) the weighted average Mortgage amount of any Applied Realized Loss Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Fixed Rate of the Mortgage Loans Group Certificates as of the last day close of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hhp) such other information as the amount distributed Financial Guaranty Insurer may reasonably request to the Class R Certificateholdersextent such information is available to the Trustee from the Servicer and is produced by the Servicer in the ordinary course of the Servicer's business. Items In the case of information furnished pursuant to subclauses (a), (b), (c) and (ed) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 principal denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) Within 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish mail such report to Dona▇▇▇▇▇ ▇▇▇k▇▇ & ▇enr▇▇▇▇ ▇▇▇urities Corporation, 277 ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ 90 96 Floor, New York 10285, Attention: Jose▇▇ ▇. ▇▇▇▇▇ ▇▇▇ (which report shall include, in addition to the information contained in reports to others hereunder, the 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 a Holder of a Class A Certificate an Offered Certificateholder, a statement for each Certificateholder containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of or, in the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 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 Trust Administrator shall furnish to any Person who at any time during portion of 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or Servicer shall provide any other information or document furnished necessary in order to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested report income in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense respect of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCertificateholders for federal income tax purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Aames Capital Corp)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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 included in such distribution, and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution DateSenior Percentage, separately identifying the portions thereof allocable to principal and interest;
(h) Total Senior Percentage, the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xv) the Class 1-A-4 Notional Amount, the Value of the Mortgaged PropertyClass 1-A-5 Notional Amount, the value established by any new appraisalClass 15-IO Notional Amount and the Class 30-IO Notional Amount;
(xvi) for each Loan Group, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fa) the Deficiency Amount, if any, for each Mortgage Loan which is such Distribution Date and (b) amounts, if any, in foreclosure, the Loan Balance of such Mortgage Loan, the Value respect of the Mortgaged PropertyDeficiency Amount paid under the Policy;
(xviii) the amount remaining in the Reserve Fund after taking into account the Reserve Withdrawal, if any, for such Distribution Date; and
(xix) the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Rounding Amount, if any, for such Distribution Date and the last paid-to- date, based; andamount applied to repay such Rounding Amount withdrawn on the prior Distribution Date.
(Gb) the principal balance of No later than each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearDistribution Date, the Trust Administrator Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to Assured Guaranty, each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates (other than the Exchangeable Certificates) prior to and after giving effect to any payment the distribution of principal on such Distribution Date and the Maximum Class Certificate Balance of each Class of Exchangeable Certificates;
(vii) for each Cashflow Group, the Pool Stated Principal Balance for such Distribution Date;
(fviii) for each Cashflow Group, the amount of any Insured Payment included in Senior Percentage and the amounts distributed to Subordinate Percentage for such Distribution Date and the Holders of Offered Certificates on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the each such Class A of Certificates for with respect to such Distribution Date;
(ffxi) the Basis Risk Shortfallamount of Periodic Advances included in the distribution on such Distribution Date, if any, for the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date and the Unpaid Basis Risk Shortfallsamount of Periodic Advances reimbursed since the previous Distribution Date;
(xii) the number and aggregate Stated Principal Balance of the Mortgage Loans, if anythe ranges of Mortgage Interest Rates for the Mortgage Loans, outstanding after reimbursements therefor 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;
(ggxiii) the balance number and aggregate principal amounts of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the total number and principal balance of any REO PropertiesProperty relating to a Mortgage Loan (and market value, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyCashflow Group, the Loan Balance of Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Mortgage LoanDistribution Date;
(xvii) for each Cashflow Group, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) in the case of each Class of Interest Only Certificates (other than a Class of Exchangeable Certificates), the Value applicable Notional Amount, if any, and for each Class of the Mortgaged PropertyInterest Only Certificates which are Exchangeable Certificates, the value established Maximum Notional Amount, if any;
(xix) any expenses or indemnification amounts paid by any new appraisalthe Trust, the estimated cost specific purpose of disposing of each payment and the Mortgage Loan and parties to whom such payments were made;
(xx) for each Cashflow Group, the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gxxiv) 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 or Maximum Notional Amounts, Pass Through Rates, and any interest and principal balance 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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 (866) 846-4526. 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providingtime to time. The Trustee hereby agrees to disclose the Premium Rate For all purposes of this Agreement, with respect to any Person upon requestMortgage 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 2007-3 Trust)
Statements to Certificateholders. On (a) Based on the information set forth in the Electronic File, the Trustee will prepare and make available the Monthly Report substantially in the form of Exhibit N for each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate Certificateholder, the Underwriter and the Certificate Insurer a statement, parts of which parties hereto.
(b) Each Monthly Report shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting set forth the following informationfollowing:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(bi) the amount of such distributions distribution to Holders of each Class of Certificates allocable to interest, separately identifying any related Unpaid Class Interest Shortfall included in such distribution and any remaining Unpaid Class Interest Shortfall after giving effect to such distribution;
(ii) 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 monthly scheduled payments of principal or other recoveries of principal included therein; , and the amount of the distribution made on such Distribution Date to the Holders of the any remaining related Unpaid Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates Shortfall after giving effect to any payment such distribution;
(iii) the Class Principal Balance for each Class of 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;
(fiv) the amount Class A Percentage, Class M-1 Percentage, Class M-2 Percentage and Class B Percentage for such Distribution Date and the following Distribution Date;
(v) the Pool Principal Balance of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Assets for such Distribution Date;
(gvi) the Insured Distribution Amount for Pool Factor;
(vii) the number and aggregate principal balances of Assets delinquent (a) 30-59 days and (b) 60 or more days;
(viii) the number of Manufactured Homes that were repossessed during the month ending immediately prior to such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount number of each Class A Certificate (based on a Certificate repossessed Manufactured Homes that remain in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans inventory as of the last day of the related Due PeriodPeriod 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;
(pix) the current weighted average 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 remaining terms of the related Mortgage LoansLoan;
(qx) number of Assets and aggregate Principal Balance of Assets extended or otherwise amended during the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Period preceding current Distribution Date;
(txi) the number of Mortgage Loans outstandingClass M-1 Distribution Test;
(uxii) the cumulative number and Loan Balances of liquidated Mortgage LoansClass M-2 Distribution Test;
(vxiii) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool BalanceClass B Distribution Test;
(wxiv) the Cut-off Date Loan Balance Weighted Average Net Asset Rate of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereofall outstanding Assets;
(xxv) the aggregate amount of payments in respect of Prepayment Class M-1 Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Deficiency Amount, if any, for such Distribution Date;
(aaxvi) the Reimbursement Class M-2 Interest Deficiency Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ffxvii) the Basis Risk ShortfallClass B-1 Interest Deficiency Amount, if any, for such Distribution Date Date;
(xviii) the Targeted Overcollateralization Amount, Overcollateralization Amount, Overcollateralization Deficiency Amount and the Unpaid Basis Risk ShortfallsOvercollateralization Release Amount, if any, outstanding after reimbursements therefor on for such Distribution Date;
(ggxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Additional Principal Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amountsAmount, if any, actually to be 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 Trust Administrator 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 Date pursuant to the previous paragraph aggregated for such calendar year Section 8.03(a)(12) or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any Section 8.03(a)(13);
(ixx) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receivingCumulative Realized Losses; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Origen Residential Securities, Inc.)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, the Class 7-CE Distributable Amount, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for Loan Group 7, the amount Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Targeted Overcollateralization Amount as of any Insured Payment included in such Distribution Date and the amounts distributed to the Holders of Offered Certificates on Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Pool Stated Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such for the following Distribution Date;
(ivii) with respect to each Shifting Interest Loan Group, the amount of any OC Release Amount;
(j) Senior Percentage for each Loan Group, and the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses Subordinate Percentage for the previous calendar month;
(m) following Distribution Date, the Overcollateralized Amount after giving effect to all distributions on such 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;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(qviii) the amount of the Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rix) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tx) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Shifting Interest Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxv) the Notional Amount for each Mortgage Loan which is Class of Interest-Only Certificate for such Distribution Date;
(xvi) the Accrued Certificate Interest in foreclosure, the Loan Balance respect of such Mortgage Loan, the Value each Class of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Group 7 Certificates for such Distribution Date and any related Cap Carryover Amounts, and the last paid-to- daterespective portions thereof, basedif 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 for such Distribution Date separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts; and
(Gxxi) for each Loan Group, the principal balance amount of Recoveries.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities Administrator, based upon information supplied to it on the Master Servicer's Certificates, 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 5.06(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 5.06(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and make available to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.06(a) for such Distribution Date. The 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof Section 5.06(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder information to be reported to the Holders of the Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holders of the Residual Certificates by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Master Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer Company a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates to the extent applicable:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of such Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions distribution to Holders of such Class of Certificates allocable to principalinterest;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;shortfall; NY1-208988.4 93
(civ) the amount of such distributions allocable any Advance by the Master Servicer pursuant to interest and the calculation thereofSection 4.04;
(dv) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate number and Pool Stated Principal Balance of each Class of Class A Certificates the Mortgage Loans after giving effect to any payment the distribution of principal on such Distribution Date;
(fvi) the amount aggregate Certificate Principal Balance of any Insured Payment included in 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) 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 months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Holders of Offered Certificates distribution made on such Distribution Date;
(gxi) the Insured Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Amount Date and a description of any change in the calculation of such amounts;
(xii) the weighted average Pool Strip Rate for such Distribution DateDate and the Pass-Through Rate with respect to the Class A-7 Certificates and each Subclass, separately identifying the portions thereof allocable to principal and interestif any, thereof;
(hxiii) the principal amount of Class A-7 Notional Amount and each Class A Certificate A-7 Subclass Notional Amount;
(based on a Certificate in xiv) the original principal amount occurrence of $1,000) which will be outstanding the Credit Support Depletion Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Accretion Termination Date;
(ixv) the amount of any OC Release Amount;Senior Accelerated Distribution Percentage applicable to such distribution; NY1-208988.4 94
(jxvi) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Senior Percentage for such Distribution Date;
(aaxvii) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the aggregate amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates Realized Losses for such Distribution Date;
(ffxviii) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor aggregate amount of any recoveries on such Distribution Datepreviously foreclosed loans from Sellers due to a breach of representation or warranty;
(ggxix) the balance weighted average remaining term to maturity of the Reserve Fund prior Mortgage Loans after giving effect to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals distributed on such Distribution Date; and
(hhxx) the amount distributed weighted average Mortgage Rates of the Mortgage Loans after giving effect to the Class R Certificateholdersamounts distributed on such Distribution Date. Items In the case of information furnished pursuant to clauses (a), (b), (ci) and (eii) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date addition to the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information statement provided to the Trust Administrator pursuant Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to Section 4.06 hereof any manager of a trust fund consisting of some or all of the Certificates, upon which reasonable request, such additional information as is reasonably obtainable by the Trust Administrator may conclusively rely without independent verification:Master Servicer at no additional expense to the Master Servicer.
(Ab) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator 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 a the Holder of a Certificate, other than a Class A Certificate R Certificate, a statement containing the information set forth in subclauses clauses (i) and (ii) of subsection (a) through (c) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg Code.
(at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇c) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator Master Servicer shall furnish prepare, or cause to any be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was a the Holder of a Class R Certificate Certificate, a statement containing the applicable distribution information provided pursuant to the previous paragraph this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a CertificateholderClass R Certificate. The Trust Administrator shall, upon written request, forward Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any Certificateholder within five Business Days after requirements of the furnishing or receipt thereof by Code. NY1-208988.4 95
(d) Upon the Trusteewritten request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, shall provide the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other requesting Certificateholder with such information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies as is necessary and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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) whichappropriate, in the case Master Servicer's sole discretion, for purposes of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested satisfying applicable reporting requirements under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage Loan, Realized Losses incurred during the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class PO Deferred Amounts for such Distribution Date Date;
(xv) the Class 1-IO Notional Amount, Class 2-IO Notional Amount, Class 3-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-SES Notional Amount, Class 2-SES Notional Amount, Class 3-SES Notional Amount, Class 4-SES Notional Amount, Class 5-SES Notional Amount and Class 6-SES Notional Amount for such Distribution Date;
(xvi) the last paid-to- date, basedAncillary Income for each Class SES Component for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(Gxviii) for each Loan Group the principal balance amount of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yeartotal Recoveries, the Trust Administrator Class PO Recovery and the Non-PO Recovery.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such distribution and the Class 2-A-13 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and the Component Balance of each Component after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any unreimbursed Delinquency Advances and Servicing AdvancesClass PO Deferred Amounts for such Distribution Date;
(Fxiv) 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 Mortgage Loan which is in foreclosureGroup, the Loan Balance of such Mortgage Loan, Reimbursement Amount;
(xvi) the Value of Yield Maintenance Agreement Payment received from the Mortgaged Property, Counterparty and Yield Maintenance Amount and Yield Maintenance Amount Shortfall paid to the LoanClass 2-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedA-4 Certificates; and
(Gxvii) for each Loan Group, the principal balance amount of Recoveries, the Class PO Recovery and the Non-PO Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-6 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based solely upon the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Master Servicer's Certificate delivered to the Trustee pursuant to Section 4.01, the Trustee shall prepare a statement containing the following information with respect to such Distribution Date, setting forth the following information:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Payoffs, Curtailments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) the amount allocable to interest (including the Accrual Distribution Amount), any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of any Insured Payment included in Senior Percentage, the amounts distributed to Senior Prepayment Percentage, the Holders of Offered Certificates on Subordinate Percentage and the Subordinate Prepayment Percentage for each Loan Group for such Distribution Date, and the Total Senior Percentage and the Aggregate Subordinate Percentage for such Distribution Date;
(gvii) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of the Servicing Fee paid to or retained by each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Servicer with respect to each Loan Group and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iviii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Master Servicing Fee paid to or retained by the ServicerMaster Servicer with respect to each Loan Group and such Distribution Date;
(rix) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tx) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of any unreimbursed Delinquency Advances Realized Losses incurred during the preceding calendar month and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loanany Class A-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding PO Deferred Amounts for such Distribution Date and the last paid-to- date, basedDate; and
(Gxv) the principal balance Class 1-A-44, Class 1-A-WIO and Class 2-A-WIO Notional Amount for such Distribution Date.
(b) In the case of each Mortgage Loan that was modified or extended information furnished pursuant to clauses (i), (ii) and (x) of Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year5.04(a), the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding MTG Pass Thru Certs Ser 2003-3)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) CB Crossed Loan Group Senior Percentage, the amount of any Available Funds Shortfall;
(k) DB Crossed Loan Group Senior Percentage, the Net WAC Cap;
(l) CB Crossed Loan Group Subordinate Percentage and the amount, if any, of Realized Losses DB Crossed Loan Group Subordinate Percentage for such Distribution Date and for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such following Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(qviii) the amount of the Servicing Fee paid to or retained by the Servicer;
(r) each Servicer with respect to each Loan Group and such Distribution Date, the amount of Administrative the Master Servicing Fee paid to the Trustee Master Servicer with respect to each Loan Group and such Distribution Date and the Trust Administratoramount 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;
(six) the amount Pass-Through Rate for each such Class of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tx) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of any unreimbursed Delinquency Advances and Servicing AdvancesRealized Losses incurred during the preceding calendar month;
(Fxv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedReimbursement Amount; and
(Gxvi) for each Loan Group, the principal balance amount of Recoveries.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and make available to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-H Trust)
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Securities Administrator shall forward by mail will make available to each Holder of Certificateholder and any other interested party a Class A Certificate statement (the "Monthly Statement"), based solely on information provided by the Master Servicer and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as Servicers generally setting forth among other information with respect to the distributions made on such Distribution Date, setting forth the following informationCertificates and Mortgage Loans:
(a1) the amount of the distributions, separately identified, with respect related distribution to the Class A Certificates;
(b) the amount holders of such distributions each class of certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and monthly principal prepayments included therein, (B) the aggregate amount of all scheduled payments of principal or other recoveries of principal included therein; therein and (C) any Extra Principal Distribution Amount, in the amount of the distribution made on such Distribution Date aggregate and with respect to the Holders of the Class P Certificates allocable to Prepayment ChargesGroup 1 Mortgage Loans and Group 2 Mortgage Loans;
(c2) the amount of such distributions distribution to holders of each class of Certificates allocable to interest and the calculation thereofinterest;
(d3) the Aggregate Loan Balance as Interest Carry Forward Amount for each class of the end of the related Due PeriodCertificates;
(e4) the Class Certificate Principal Balance of each Class class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(f5) the amount aggregate outstanding principal balance of any Insured Payment included in each class of Certificates for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i6) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicers and any amounts constituting reimbursement or indemnification of the Servicers, the Master Servicer;
(r) the amount of Administrative Fee paid to , the Trustee and or the Trust Securities Administrator;
(s7) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Certificate Rate for the Class A each class of Certificates for such Distribution Date;
(ff) 8) the Basis Risk Shortfall, if any, for such Distribution Date and amount of Monthly Advances on Mortgage Loans included in the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor distribution on such Distribution Date;
(gg9) the balance cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the Reserve Fund prior aggregate and with respect to the deposit or withdrawal Group 1 Mortgage Loans and the Group 2 Mortgage Loans;
(10) the amount of any amounts on (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the amount of any withdrawal from aggregate and with respect to the Reserve Fund pursuant to Section 4.04(a)(II)(ix) Group 1 Mortgage Loans and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; andGroup 2 Mortgage Loans;
(hh11) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) number and (e) above shall also be presented on the basis aggregate principal amounts of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number ofdelinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and aggregate Loan Balances (including C) in bankruptcy (determined in accordance with the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shallOTS method), in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), case as of the close of business on the last day of the calendar month next preceding such Distribution Date and Date, in the aggregate Loan Balances of all and with respect to the Group 1 Mortgage Loans as of such dateand Group 2 Mortgage Loans;
(B12) the number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all as of the close of business on the last day Determination Date and the date of acquisition thereof, in the calendar month next preceding such Distribution Dateaggregate;
(C13) whether a Stepdown Trigger Event has occurred and is in effect;
(14) the total number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all any REO Properties as of the close of business on the last day related Determination Date, in the aggregate;
(15) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the calendar month next preceding Certificates on such Distribution Date;
(D16) the number and amount of REO Properties, Prepayment Penalties and the Aggregate Loan Balance amount of late payment fees received during the related Mortgage Loans, and Prepayment Period in the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Dateaggregate;
(E17) for as of each Mortgage Loan which is an REO PropertyDistribution Date, the Loan Balance amount, if any, received pursuant to each Corridor Contract and the amount thereof to be paid to each class of such Mortgage LoanCertificates;
(18) as of each Distribution Date, the loan number amount of such Mortgage Loanany Cap Payments paid or received by the Supplemental Interest Trust pursuant to the Cap Contract;
(19) as of each Distribution Date, the Value amount of any Net Swap Payments or Swap Termination Payments paid or received by the Mortgaged Property, Supplemental Interest Trust pursuant to the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan Swap Agreement and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesDefaulted Swap Termination Payments paid by the Supplemental Interest Trust;
(F20) for 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 Loan which is in foreclosureLoans recovered during the related Due Period:
(23) the allocation to each Class of Certificates of any Realized Losses during the related Due Period:
(24) with respect to each Class of Certificates, the Loan Balance amount of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio any Prepayment Interest Shortfalls on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedDate; and
(G25) information regarding any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with pool asset substitutions and repurchases (and purchase rates, if applicable). The Securities Administrator may make available each month, to any interested party, the principal balance of each Mortgage Loan monthly statement via the Securities Administrator's website. The Securities Administrator will also make available on its website any reports on Form 10-D, 10-K and 8-K that was modified have been prepared and filed by the Securities Administrator with respect to the Issuing Entity promptly after such material is electronically filed with, or extended pursuant furnished to, the Securities and Exchange Commission. The Securities Administrator's website will be located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇, and assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to Section 2.10 or 3.01 hereofuse the above distribution option are entitled to have a paper copy mailed to them via first class mail by notifying the Securities Administrator at the following address: ▇▇▇▇▇ Fargo Bank, N.A., ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: Client Manager -- MLMI 2007-A1. Within The Securities Administrator will have the right to change the way such reports are distributed in order to make such distributions more convenient and/or more accessible, and the Securities Administrator will provide timely and adequate notification to such parties regarding any such changes. In addition, within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish 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 a Holder as to the aggregate of a Class A Certificate a statement containing the information set forth in amounts reported pursuant to subclauses (aa)(ii) through and (ca)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of 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 Trust Administrator obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any the requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(iv) for each Group, the amount allocable to interest, the Class CB-18 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;
(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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) the Class CB-9 Notional Amount, Class CB-12 Notional Amount, Class CB-16 Notional Amount, Class CB-IO Notional Amount, Class 2-A-2 Notional Amount, Class X-IO Notional Amount, Class 2-X-IO Notional Amount and Class 3-X-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage parties to whom such payments were made;
(xx) for each Loan and Group the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which 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 foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gxxiv) the principal balance Class CB-10 Yield Maintenance Agreement Payment, Class CB-11 Yield Maintenance Agreement Payment, Class CB-14 Yield Maintenance Agreement Payment and Class CB-15 Yield Maintenance Agreement Payment received from the Counterparty and paid to the Class CB-10, Class CB-11, Class CB-14 and Class CB-15 Certificates, as the case may be.
(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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-5)
Statements to Certificateholders. On Concurrently with each distribution charged to the Certificate Account on a Distribution Date the Trust Administrator Trustee shall forward by mail make available on its web site, located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇▇, a written statement (a “Statement to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, Certificateholders”) setting forth the following informationinformation with respect to the Offered Certificates:
(a) the amount of the distributions, separately identified, distribution with respect to each Class of Certificates (based on a Certificate in the Class A Certificatesoriginal principal amount of $1,000);
(b) the amount of such distributions distribution allocable to principalprincipal on the related Mortgage Loans in each Mortgage Loan Group, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions distribution allocable to interest and on the calculation thereofrelated Mortgage Loans in each Mortgage Loan Group separately identifying the aggregate amount of any prepayment or other recoveries of principal included therein;
(d) the Aggregate Loan Balance as Class Monthly Interest Amount and Class Interest Carryover Shortfall for each Class of the end of the related Due PeriodCertificates;
(e) the outstanding Certificate Principal Balance of each Class of Class A Offered Certificates (based on a Certificate in the original principal amount of $1,000) that will be outstanding after giving effect to any payment of principal on such Distribution Date;
(f) 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 amount of any Insured Payment Excess Interest included in such distribution;
(l) the amounts distributed Overcollateralization Amount, Required Overcollateralization Amount and Applied Realized Loss Amount, both in the aggregate and with respect to the Holders of Offered Certificates on each applicable Class, for such Distribution Date;
(gm) the Insured Distribution Basic Principal Amount for with respect to each Mortgage Loan Group;
(n) the amount of any Net Rate Cap Carryover paid and remaining unpaid as of such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(ho) the principal Capitalized Interest Requirement and amounts remaining in the Prefunding Account and Capitalized Interest Account each as of such Distribution Date;
(p) the 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 Class A Certificate (based on a Certificate PMI Mortgage Loan in the original principal amount related Mortgage Loan Group;
(q) with respect to each Mortgage Loan Group, the number of $1,000Mortgage Loans in each Mortgage Loan Group and the aggregate of their Principal Balances as a percentage of the Group I Balance or Group II Balance, as appropriate, that as of the end of the immediately preceding calendar month are (i) 30 to 59 days delinquent, (ii) 60 to 89 days delinquent, (iii) 90 or more days delinquent, (iv) the subject of bankruptcy proceedings (to the actual knowledge of the Servicer), (v) in foreclosure and (vi) as to which will be outstanding and the related Mortgaged Property is REO Property; and
(r) the Certificate Principal Balance of each Class of Class A Certificates, in each case Certificates then outstanding after giving effect to any payment of all payments or principal on such Distribution Date;
(i) . In the amount case of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended information furnished pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items subclauses (a), (b), (c) and (ed) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 principal denomination. In addition, on each Distribution Date Assistance in using the Trust Administrator shall distribute to each Holder, together with website may be obtained by contacting the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Trustee’s investor relations desk at (A▇▇▇) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30▇▇▇-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) ▇▇▇▇. Within 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish mail such report to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated, ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Mortgage Finance (which report shall include, in addition to the information contained in reports to others hereunder, the 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 a Holder of a Class A Certificate an Offered Certificateholder, a statement for each Certificateholder containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of or, in the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 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 Trust Administrator shall furnish to any Person who at any time during portion of 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or Servicer shall provide any other information or document furnished necessary in order to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested report income in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense respect of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCertificateholders for federal income tax purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Aames Capital Corp)
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Securities Administrator shall forward by mail provide or make available, upon request to each Holder of a Class A Certificate Group I Certificate, and the Certificate Insurer Credit Risk Manager, a statementstatement (each, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, a "Remittance Report") as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect distribution made on such Distribution Date to the Holders of the Group I Certificates of each Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class I-P Certificates allocable to Prepayment Charges;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of the Group I Certificates of each Class allocable to interest;
(iii) The aggregate Servicing Fee received by each related Servicer during the related Due Period with respect to the Group I Loans;
(iv) The number and aggregate Principal Balance of the Group I Loans delinquent 31-60 days, 61-90 days or 91 or more days;
(v) The (A) number and aggregate Principal Balance of Group I Loans with respect to which foreclosure proceedings have been initiated, and (B) number and aggregate Principal Balance of Mortgaged Properties related to the Group I Loans acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting the Trustee's security interest in the Group I Loans;
(vi) The aggregate Principal Balance of the Group I Loans as of the close of business on the last day of the related Prepayment Period;
(vii) The aggregate amount of Principal Prepayments on the Group I Loans made during the related Prepayment Period and the calculation aggregate amount of any Prepayment Charges received in respect thereof;
(dviii) The amount of Realized Losses with respect to the Group I Loans allocable to the Group I Certificates on the related Distribution Date and the cumulative amount of Realized Losses incurred on the Group I Loans and allocated to the Group I Certificates since the Cut-Off Date;
(ix) The amount of interest accrued but not paid to each Class of Group I Certificates entitled to interest since (a) the Aggregate Loan Balance as prior Distribution Date and (b) the Closing Date;
(x) The amount of funds advanced related to the end of Group I Loans by the related Due Servicers and the Master Servicer for such Distribution Date;
(xi) The total amount of Payoffs and Curtailments related to the Group I Loans received during the related Prepayment Period;
(exii) With respect to any Group I Loan that became an REO Property during the preceding calendar month, the loan number of such Group I Loan, the unpaid principal balance and the Scheduled Principal Balance of such Group I Loan;
(xiii) To the extent provided by the related Servicer, the book value of any Group I 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 Distribution Account related to the Group I Loans for such Distribution Date;
(xv) The Certificate Principal Balance of each Class of Class A Certificates Group I Certificates, after giving effect to any payment the distributions and allocations of principal Realized Losses on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates Group I Loans made on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions any reduction thereof allocable due to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, allocations of Realized Losses for on the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Group I Loans;
(qxvi) the The aggregate amount of Servicing Fee paid any Prepayment Interest Shortfalls and Curtailment Shortfalls related to or retained the Group I Loans for such Distribution Date, to the extent not covered by payments by the ServicerMaster Servicer pursuant to Section 3.20;
(rxvii) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the The aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Relief Act Interest Shortfalls deposited in related to the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Group I Loans for such Distribution Date;
(aaxviii) the Reimbursement Amount, if any The Group I Required Overcollateralization Amount and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Group I Credit Enhancement Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ffxix) The Overcollateralization Increase Amount related to the Basis Risk ShortfallGroup I Certificates, if any, for such Distribution Date and Date;
(xx) The Overcollateralization Reduction Amount related to the Unpaid Basis Risk ShortfallsGroup I Certificates, if any, for such Distribution Date;
(xxi) The Net WAC Rate Carryover Amount, if any, for such Distribution Date;
(xxii) The Net WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor on such Distribution Date and any amounts received under the Class I-A-1 Cap Contract;
(xxiii) The respective Pass-Through Rates applicable to each Class of Group I Certificates for such Distribution Date;
(ggxxiv) The amount of any deposit to the Group I Reserve Fund contemplated by Section 3.25;
(xxv) The balance of the Group I Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the ;
(xxvi) The amount of any withdrawal from the Group I Reserve Fund pursuant to the last paragraph of Section 4.04(a)(II)(ix4.1(c); and
(xxvii) and the The balance of the Group I Reserve Fund after all deposits and withdrawals on such Distribution Date; and.
(hhb) On each Distribution Date, the Securities Administrator shall provide or make available, upon request to each Holder of a Group II Certificate and the Credit Risk Manager, a statement (each, a "Remittance Report") as to the distributions made on such Distribution Date setting forth:
(i) the amount distributed of the distribution made on such Distribution Date to the Holders of the Group II Certificates of each Class R Certificateholders. Items (a), (b), (c) allocable to principal and (e) above shall also be presented the amount of the distribution made on the basis of a certificate having a $1,000 denomination. In addition, on each such Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant Holders of the Class II-P Certificates allocable to Section 4.06 hereof upon which Prepayment Charges;
(ii) the Trust Administrator may conclusively rely without independent verification:amount of the distribution made on such Distribution Date to the Holders of the Group II Certificates of each Class allocable to interest;
(iii) The aggregate Servicing Fee received by each related Servicer during the related Due Period;
(iv) The number and aggregate Principal Balance of the Group II Loans delinquent 31-60 days, 61-90 days or 91 or more days;
(v) The (A) the number ofand aggregate Principal Balance of Group II Loans with respect to which foreclosure proceedings have been initiated, and (B) number and aggregate Loan Balances Principal Balance of Mortgaged Properties related to the Group II Loans acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting the Trustee's security interest in the Group II Loans;
(including the percent vi) The aggregate Principal Balance of the aggregate Loan Balances of such Mortgage Group II Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of the close of business on the last day of the calendar month next preceding such related Prepayment Period;
(vii) The aggregate amount of Principal Prepayments on the Group II Loans made during the related Prepayment Period and the aggregate amount of any Prepayment Charges received in respect thereof;
(viii) The amount of Realized Losses with respect to the Group II Loans allocable to the Group II Certificates on the related Distribution Date and the aggregate Loan Balances cumulative amount of all Mortgage Realized Losses incurred on the Group II Loans as of such dateand allocated to the Group II Certificates since the Cut-Off Date;
(Bix) The amount of interest accrued but not paid to each Class of Group II Certificates entitled to interest since (a) the number of, prior Distribution Date and aggregate Loan Balances of, all Mortgage (b) the Closing Date; (x) The amount of funds advanced related to the Group II Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) by the related Servicers 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 Master Servicer for such Distribution Date;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc Mortgage Loan Trust 2004-4)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group and the Class 1-IO and Class 2-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-IO Notional Amount, the Value of Class 2-A-IO Notional Amount and the Mortgaged PropertyClass 2-IO Notional Amount for such Distribution Date;
(xvi) for each Loan Group, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;Recovery.
(Fb) No later than each Distribution Date, the Securities 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 (i) and (ii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Securities 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 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 Mortgage Loan which is month to Certificateholders, and other parties to this Agreement via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in foreclosure, using the Loan Balance of website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such Mortgage Loan, distribution more convenient and/or more accessible to the Value of the Mortgaged Property, the Loan-to-Value Ratio above parties and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Securities Administrator shall provide timely and adequate notification to all above parties regarding any such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofchanges. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder information to be reported to the Holders of the Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holders of the Residual Certificates by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that 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 not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose determine the Premium Rate to any Person upon request.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. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(iv) for each Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vxi) the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for Group 1, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) the Class 1-A-3 Notional Amount, Class 1-A-7 Notional Amount, Class 1-A-13 Notional Amount, Class 1-A-16 Notional Amount and Class 30-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage parties to whom such payments were made;
(xx) for each Loan and Group the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which 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 foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gxxiv) the principal balance 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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2006-3 Trust)
Statements to Certificateholders. On (a) Not later than each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the Servicer, the Depositor and each Rating Agency a statement setting forth the following information:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;related distribution:
(bi) the amount of such distributions thereof allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; therein and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment ChargesCharges and Servicer Prepayment Premium Payment Amounts;
(cii) the amount of such distributions thereof allocable to interest, any accrued and unpaid interest amounts from prior Distribution Date that are included in such distribution and the calculation thereofany remaining unpaid Interest Distribution Shortfall Amount after giving effect to such distribution, or Class C Distributable Amount, separately identified;
(diii) if the Aggregate Loan Balance as 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 end of shortfall and the related Due Periodallocation thereof as between principal and interest;
(eiv) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) the amount aggregate Scheduled Principal Balance of any Insured Payment included in the amounts distributed to Mortgage Loans for the Holders of Offered Certificates on such following Distribution Date;
(gvi) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interestPre-Funded Amount;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect Servicing Fees paid to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received retained by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) such Distribution Date, and the amount of Servicing Fee Trustee Fees paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each Class A of Certificates for with respect to such Distribution Date;
(ffix) the Basis Risk Shortfall, if any, for amount of Monthly Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Monthly Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance number and aggregate principal amounts of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and shall(3) 91 or more days, (B) in each caseforeclosure and delinquent (1) 31 to 60 days, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)(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 next preceding such Distribution Date and the aggregate Loan Balances of all Mortgage Loans as of such date(C) in bankruptcy;
(Bxi) the number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Scheduled Principal Balance 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 Determination Date preceding such Distribution Date;
(Cxii) the total number ofand principal balance of any REO Properties (and market value, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number aggregate amount of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of Realized Losses incurred during the calendar month next preceding such Distribution Date;
(Exiv) for each the aggregate principal balance of any Subsequent Mortgage Loan which is an REO PropertyLoans acquired by the Trust Fund in the related Due Period, the Loan Balance amount of funds remaining in each Pre-Funding Account (after taking into account any 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 acquisitions) and the amount of any unreimbursed Delinquency Advances and Servicing Advances;funds remaining in the Capitalized Interest Account (after giving effect to distributions on such Distribution Date); and
(Fxv) for each Mortgage Loan which is in foreclosurethe Net WAC Cap Carryover Amounts distributed on such Distribution Date, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio amounts remaining after giving effect to distributions thereof on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paidamount of all Net WAC Cap Carryover Amounts covered by withdrawals from the Reserve Account on such Distribution Date; The Trustee will make the Distribution Date statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the other parties to this Agreement via the Trustee’s internet website. The Trustee’s internet web site shall initially be located at “w▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇.” Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (▇▇▇) ▇▇▇-to- date▇▇▇▇. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by notifying the Trustee at 4 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, based; and▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Worldwide Securities Services/Global Debt, First NLC 2005-2. The Trustee shall have the right to change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any such change.
(Gb) The Trustee’s responsibility for disseminating the principal balance above information to the Certificateholders is limited to the availability, timeliness and accuracy of each Mortgage Loan that was modified 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 extended pursuant to Section 2.10 or 3.01 hereof. verify any such information.
(c) Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, if requested in writing, the Trust Administrator Trustee shall furnish cause to be furnished to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificateholder, a statement containing the information set forth in subclauses clauses (aa)(i), (a)(ii) through and (ca)(vii) above, of this Section 7.14 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requesteffect.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments Liquidation Proceeds included therein;
(ii) for each Loan Group, the amount allocable to interest, the Class 5-CE Distributable Amount, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) 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;
(iv) the Class Certificate Balance of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) 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;
(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) the amount of the Servicing Fee paid to or other recoveries retained by each Servicer with respect to each Loan Group and such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(x) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date;
(xi) for each Loan Group, the number and aggregate principal included thereinamounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date and (C) in bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xii) 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;
(xiii) 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;
(xiv) 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 for such Distribution Date separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts;
(xxi) for each Loan Group, the amount of Buy-Down Funds, Recoveries and Reimbursement Amounts; and and
(xxii) the amount of the distribution made on such Distribution Date to the Holders of the Class 5-P Certificates allocable to Prepayment Charges;Certificates.
(cb) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of No later than each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount Securities Administrator, based upon information supplied to it on the Master Servicer's Certificates, shall make available to each Holder of any withdrawal from a Certificate, each Rating Agency and the Reserve Fund Master Servicer a statement setting forth the information set forth in Section 5.06(a). In the case of information furnished pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
clauses (hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (ci) and (eii) above of Section 5.06(a), the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on On each Distribution Date Date, the Trust Securities Administrator shall distribute prepare and make available to each HolderFinancial Market Service, together with in electronic or such other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the information described above, contained in the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans statement described in clause (CSection 5.06(a) below) 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 for such Distribution Date;
. The Securities Administrator will make the monthly statement to Certificateholders (Cand, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the number of, NIMS Insurer and other parties to this Agreement via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings Securities Administrator shall provide timely and the percent of the Aggregate Loan Balance of adequate notification to all above parties regarding any such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofchanges. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to the NIMS Insurer and each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof Section 5.06(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holder of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. (a) On each Distribution Date Date, concurrently with each distribution to Certificateholders, the Trust Administrator Trustee shall forward by mail make available to each Holder of a the parties hereto, the Certificate Insurer, the Grantor Trustee (with respect to the Underlying Class A Certificate I-A-2 Certificates and the Certificate Insurer Grantor Trust Certificates) and each Certificateholder via the Trustee’s internet website as set forth below, the following information, expressed with respect to clauses (i) through (vii) in the aggregate and as a statementFractional Undivided Interest representing an initial Current Principal Amount of $25,000, parts or in the case of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively relyClass B-IO Certificates, without independent verification, as a Notional Amount of $25,000:
(b) the Current Principal Amount or Notional Amount of each Class after giving effect (i) to the all distributions made allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date, setting forth the following information:;
(ac) the amount of the distributions, separately identified, with respect related distribution to the Holders of each Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and monthly included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) the Extra Principal Distribution Amount (if any);
(d) the Pass-Through Rate for each applicable Class of Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by applicable the Net Rate Cap;
(e) the amount of such distribution to Holders of each Class allocable to interest;
(f) the applicable accrual period dates for calculating distributions and general Distribution Dates;
(g) with respect to each Loan Group, the total cash flows received and the general sources thereof;
(h) the amount, if any, of fees or other recoveries expenses 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 and the Aggregate Premium Amount paid to the Certificate Insurer;
(i) the amount of any payment made pursuant to the Swap Agreement for the benefit of the Grantor Trust Certificates;
(j) the amount of any Cap Contract Payment Amount payable to the Trustee;
(k) with respect to each Loan Group, the amount of such distribution to each Certificate allocable to interest and, with respect to the Group I Certificates, the portion thereof, if any, provided by the Cap Contract.
(l) with respect to each Loan Group, the amount of such distribution to each Certificate allocable to interest;
(m) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(n) with respect to each Loan Group, the aggregate of the Stated Principal Balance of all of the Mortgage Loans for the following Distribution Date;
(o) the number and Outstanding Principal Balance of the Mortgage Loans that were Delinquent (exclusive of any Mortgage Loan in foreclosure) in respect of which using the OTS method of calculation (A) are 30 to 59 days Delinquent, (B) are 60 to 89 days Delinquent, (C) are 90 or more days 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 first lien Mortgage Loans and second lien Mortgage Loans;
(p) with respect to each Loan Group, the amount of Monthly Advances included in the distribution on such Distribution Date (including the general purpose of such Monthly Advances);
(q) with respect to each Loan Group, the cumulative amount of Applied Realized Loss Amounts to date;
(r) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(s) with respect to each Loan Group and with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and aggregate 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;
(t) with respect to each Loan Group, the total number and principal included therein; balance of any real estate owned or REO Properties as of the last day of the calendar month preceding such Distribution Date;
(u) 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 Stated Principal Balance of the Mortgage Loans that are 60 days or more Delinquent 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 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 first lien Mortgage Loans;
(v) with respect to each Loan Group, the Realized Losses during the related Due Period and the cumulative Realized Losses through the end of the preceding month;
(w) with respect to each Loan Group, whether a Trigger Event exists;
(x) updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(y) with respect to each Loan Group, information regarding any new issuance of securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable;
(z) any material changes 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;
(aa) the special hazard amount, fraud loss amount and bankruptcy amount, if applicable, as of the close of business on the applicable Distribution Date and a description of any change in the calculation of these amounts;
(bb) the amount of the distribution made on such Distribution Date to the Holders of the Class P XP Certificates allocable to Prepayment Charges;
(ccc) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;; and
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk ShortfallDeficiency Amount, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the Loan Balance of such Mortgage Loan, the loan number of such Mortgage Loan, the Value of the Mortgaged Property, the value established paid by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, specifically setting forth the Depositoraggregate amounts in (a)(1) and (b)(y) of the definition of Deficiency Amount and the aggregate amount in (a)(2) and (b)(z) of the definition of Deficiency Amount. 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (w). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (v) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund The information set forth above shall be calculated or reported, as the case may be, by the Trustee, based solely on, and to the extent of, information provided to the Trustee by the Servicer. The Trustee may conclusively rely on such information and shall not be required to confirm, verify or recalculate any such information. The Trustee may make available each Holder of a Class R Certificatemonth, to any interested party, the Servicer monthly statement to Certificateholders and Bloomberg (the Certificate Insurer via the Trustee’s website initially located at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇“www.ctslink.com.” Assistance in using the website can be obtained by calling the Trustee’s customer ▇▇▇▇▇▇▇ ▇▇▇▇ ▇t (301) 815-6600. Parties that are unable to use the Class A Certificateholders on such Distribution Date, and a report of the amounts, if any, actually distributed with respect above distribution option are entitled to the Class R Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall furnish hav▇ ▇ ▇▇▇▇▇ ▇▇▇▇ mailed 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof them via first class mail by calling the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies ’s customer service desk and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providingindicating such. The Trustee hereby agrees shall have the right to disclose change the Premium Rate way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Trustee shall provide timely and adequate notification to all parties regarding any Person upon requestsuch change.
Appears in 1 contract
Sources: Grantor Trust Agreement (Bear Stearns Mortage Funding Trust 2006-Ar2)
Statements to Certificateholders. On (a) Each month, at least two Business Days prior to each Distribution Date Date, the Trust Administrator Company shall forward by deliver to the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the The amount of such distributions distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepay-ments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and monthly scheduled payments Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of principal any Mortgage Loans pursuant to Section 2.02 or other recoveries 2.03(a), the proceeds of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal which purchases or substitutions are being distributed on such Distribution Date);
(fii) the The amount of any Insured Payment included in the amounts distributed such distribution to the Holders Certificateholders of Offered each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates on such Distribution Dateor any Accrual Components;
(giii) The amount of servicing compensation paid to the Insured Distribution Amount for Company during the month preceding the month of distribution in respect of the Mortgage Loans and such Distribution Date, separately identifying other customary information as the portions thereof allocable Company deems necessary or desirable to principal and interestenable Certificateholders to prepare their tax returns;
(hiv) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding The Pool Scheduled Principal Balance and the Certificate Principal Balance aggregate number of each Class of Class A Certificates, in each case after giving effect to any payment of principal the Mortgage Loans on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Statements to Certificateholders. On each Distribution Date the Trust Administrator Trustee shall forward or cause to be forwarded by mail to each Holder of a Class A Certificate and to the Certificate Insurer Depositor and the Master Servicer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, distribution setting forth the following informationforth:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of each Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, (b) the aggregate amount included therein representing Principal Prepayments, and (c) the Senior Prepayment Percentage and the Class B Prepayment Percentage applicable to such distribution;
(bii) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Certificateholders of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding , and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution SB Accrual Amount and the Principal Distribution Class R Accrual Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cciii) the amount of payments related servicing compensation received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount by or on behalf of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the PassMaster Servicer and any Sub-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for Servicers with respect to such Distribution Date and such other customary information as the Unpaid Basis Risk ShortfallsMaster Servicer deems necessary or desirable and supplies to the Trustee, if anyor which a Certificateholder reasonably requests, outstanding after reimbursements therefor to enable Certificateholders to prepare their tax returns;
(iv) the aggregate amount of Advances included in such distribution on such Distribution Date;
(ggv) the balance number and aggregate Stated Principal Balance of the Reserve Fund prior to Mortgage Loans at the deposit or withdrawal close of any amounts business on such Distribution Date;
(vi) the Certificate Principal Balance of a Single Certificate of such Class, the amount aggregate Certificate Principal Balance of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) Class A-1 Certificates, the Class A-2 Certificates, the Class B Certificates and the balance of Class R Certificates, respectively, and the Reserve Fund Senior Percentage, Class A-1 Percentage, Class A-2 Percentage, Class B Percentage and Class R Percentage, after all deposits and withdrawals giving effect to the amounts distributed on such Distribution Date; andDate separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(hhvii) the amount distributed to the Class R Certificateholders. Items number and aggregate Stated Principal Balance of Mortgage Loans (a)) delinquent 31 to 60 days, (b)) delinquent 61 to 90 days, (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:delinquent 91 days or more;
(Aviii) the number of, and aggregate Loan Balances (including the percent Stated Principal Balance of Mortgage Loans as to which foreclosure proceedings have been commenced in each case as of the related Determination Date and which are (a) delinquent 31 to 60 days, (b) delinquent 61 to 90 days, (c) delinquent 91 days or more;
(ix) the number and aggregate Stated Principal Balance of Mortgage Loans as to which bankruptcy proceedings have been commenced in each case as of the related Determination Date and which are (a) delinquent 31 to 60 days, (b) delinquent 61 to 90 days, (c) delinquent 91 days or more;
(x) with respect to any Mortgage Loan Balances that became a REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loans to Loan as of the aggregate Loan Balances close of all Mortgage Loansbusiness on the Distribution Date in such month and the date of acquisition thereof;
(xi) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude the book value of any REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), Property as of the close of business on the last day Business Day of the calendar month next preceding such the Distribution Date and the aggregate Loan Balances of all Mortgage Loans as of such dateDate;
(Bxii) the number ofPass-Through Rate in effect for the preceding calendar month with respect to the Class SA Certificates, and aggregate Loan Balances ofthe Class A-1 Certificates, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) the Class A-2 Certificates, the Class B Certificates and the percent of Class R Certificates;
(xiii) the aggregate Loan Balances Accrued Certificate Interest remaining unpaid, if any, for each Class of such Mortgage Loans Certificates, after giving effect to the aggregate Loan Balances of all Mortgage Loans, all as of the close of business distribution made on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) the number ofSpecial Hazard Amount, Fraud Loss Amount and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding Bankruptcy Amount remaining available immediately after such Distribution Date;
(Dxv) the number of REO Properties, aggregate Realized Losses incurred since the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Cut-off Date;
(Exvi) for each Mortgage Loan which is an REO Property, the Loan Balance of aggregate Realized Losses allocated on 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 Distribution Date; and
(xvii) the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for Excess Proceeds distributed to each Mortgage Loan which is in foreclosure, class of Certificates. In the Loan Balance case of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended information furnished pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (ci)-(iii) above, aggregated for such calendar year or applicable portion thereof during which such Person was the amounts shall also be expressed as a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in forcedollar amount per Single Certificate. On each Distribution Date the Trust Administrator Trustee shall forward prepare and forward, to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, Certificate a statement setting forth the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amounts, if any, amounts 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 Trust Administrator Trustee shall furnish prepare and forward, to any each Person who at any time during the calendar year was a Holder of a Senior Certificate, a Class R B Certificate, a Class SB Certificate or a Residual Certificate a statement containing the information provided pursuant to the previous paragraph set forth in subclauses (i) - (iii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. The Trust Administrator shall, upon written request, forward 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 Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense requirements of the requesting Certificateholder; Code and provided, further, that the Trust Administrator shall not be required regulations thereunder as from time to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requesttime are in force.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1996-Qe3)
Statements to Certificateholders. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Master Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer Company a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates to the extent applicable:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of such Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions distribution to Holders of such Class of Certificates allocable to principalinterest;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Chargesshortfall;
(civ) the amount of such distributions allocable any Advance by the Master Servicer pursuant to interest and the calculation thereofSection 4.04;
(dv) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate number and Pool Stated Principal Balance of each Class of Class A Certificates the Mortgage Loans after giving effect to any payment the distribution of principal on such Distribution Date;
(fvi) the amount aggregate Certificate Principal Balance of any Insured Payment included in 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) 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 months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Holders of Offered Certificates distribution made on such Distribution Date;
(gxi) the Insured Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Amount Date and a description of any change in the calculation of such amounts;
(xii) the weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate on the Class A-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, separately identifying the portions thereof allocable to principal and interest;
(hxvi) the principal aggregate amount of each Class A Certificate Realized Losses for such Distribution Date;
(based on a Certificate in xvii) the original principal aggregate amount of $1,000any recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xviii) which will be outstanding and the Certificate Principal Balance weighted average remaining term to maturity of each Class of Class A Certificates, in each case the Mortgage Loans after giving effect to any payment of principal the amounts distributed on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(oxix) the weighted average Mortgage Rate Rates of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals distributed on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. On each Distribution Date Date, the Trust Administrator Trustee shall forward by mail prepare and make available to each Holder of the Regular Certificates, the Servicer and each Rating Agency a Class A Certificate statement with respect to information regarding the Mortgage Loans, based solely on, and to the Certificate Insurer a statementextent of, parts of which shall be based upon information provided to the Trustee by the Servicer Information pursuant to Section 3.19 and upon which the Trust Administrator shall conclusively rely, without independent verificationSection 4.03 hereof, as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the 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 ChargesPremiums and Servicer Prepayment Premium Payment Amounts;
(cii) the amount of the distribution made on such distributions allocable Distribution Date to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Holders of each Class of Regular Certificates (other than the Class A Certificates after giving effect 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 Excess Overcollateralization Amount for such Distribution Date and the Overcollateralization Increase Amount for such Distribution Date;
(iv) the aggregate Servicing Fee received by the Servicer during the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(v) with respect to Subgroup 1, Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate amount of P&I Advances for such Distribution Date;
(vi) with respect to Subgroup 1, Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate Stated Principal Balance of the Mortgage Loans and any payment REO Properties as of principal the close of business on such Distribution Date;
(fvii) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to Subgroup 1, Subgroup 2, the preceding month;
(o) 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) with respect to Subgroup 1, Subgroup 2, the Mortgage Pool, the New Century Mortgage Loans and the 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 Due PeriodMortgagor has filed for protection under applicable bankruptcy laws, with respect to whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;
(pix) with respect to Subgroup 1, Subgroup 2, the current weighted average Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, 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 remaining terms of the Mortgage Loansdate it became an REO Property;
(qx) with respect to Subgroup 1, Subgroup 2, the amount Mortgage Pool, the New Century Mortgage Loans and the WMC Mortgage Loans, the aggregate of Servicing Fee paid to or retained by the ServicerStated Principal Balances of all REO Properties as of the close of business on the last Business Day of the calendar month preceding the month of such Distribution Date;
(rxi) with respect to Subgroup 1, Subgroup 2, the amount of Administrative Fee paid to Mortgage Pool, the Trustee New Century Mortgage Loans and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due PeriodWMC Mortgage Loans, the aggregate amount of Delinquency Advances outstanding after giving effect Principal Prepayments made during the related Prepayment Period;
(xii) with 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 calendar month preceding the month of such Delinquency Advances 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 the aggregate amount of Nonrecoverable Delinquency Advances Realized Losses incurred since the Closing Date;
(xiii) with respect to Subgroup 1, 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;
(txvi) the number Accrued Certificate Interest in respect of Mortgage Loans outstandingthe 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;
(uxvii) the cumulative number Monthly Interest Distributable Amount in respect of the Senior Certificates and Loan Balances the Mezzanine Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each such Class of liquidated Mortgage LoansCertificates 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;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxviii) the aggregate amount of payments in respect of any Prepayment Interest Shortfalls deposited in Shortfall for such Distribution Date, to the Collection Account extent not covered by payments by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof3.24;
(yxix) the Remittance Report (as defined in Section 4.06 hereof);
(z) the aggregate amount of Relief Act Interest Distribution Amount and the Principal Distribution Amount Shortfalls for such Distribution Date;
(aaxx) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Net WAC Rate Carryover Amount for the Class A Certificates for such Distribution Date;
(ff) and the Basis Risk ShortfallMezzanine Certificates, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding amount remaining unpaid after reimbursements therefor on such Distribution Date;
(ggxxi) the Available Distribution Amount;
(xxii) with respect to any Mortgage Loan as to which foreclosure proceedings have been concluded, the loan number and unpaid principal balance of such Mortgage Loan as of the Reserve Fund prior date of such conclusion of foreclosure proceedings;
(xxiii) with respect to the deposit or withdrawal of any amounts on such Distribution DateMortgage Loans as to which a Liquidation Event has occurred, the amount number of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described aboveMortgage Loans, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances unpaid principal balance of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of the close date of business on such Liquidation Event and the last day amount of proceeds (including Liquidation Proceeds and Insurance Proceeds) collected in respect of such Mortgage Loans;
(xxiv) the calendar month next preceding respective Pass-Through Rates applicable to the LIBOR Certificates, for such Distribution Date and the aggregate Loan Balances of all Mortgage Loans as of such date;
(B) the number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans Pass-Through Rate applicable to the aggregate Loan Balances of all Mortgage Loans, all as of LIBOR Certificates for the close of business on the last day of the calendar month next preceding such immediately succeeding Distribution Date;
(Cxxv) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advancespayment made by the Counterparty under a Yield Maintenance Agreement;
(Fxxvi) for each Mortgage Loan which is in foreclosure, the Loan Balance amount of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio any Net Monthly Excess Cash Flow on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedallocation thereof to the Certificateholders with respect to Allocated Realized Loss Amounts;
(xxvii) amounts deposited into each Net WAC Reserve Fund;
(xxviii) the date when a Stepdown Date has occurred;
(xxix) the related Net WAC Rate; and
(Gxxx) whether a Trigger Event has occurred and is continuing. The Trustee will make such statement (and, at its option, any additional files containing the principal balance of same information in an alternative format) available each Mortgage Loan that was modified or extended month to Certificateholders, the Servicer, the Rating Agencies and the Counterparty via the Trustee’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 2.10 3.19 and Section 4.03(a) hereof or 3.01 hereofby the Counterparty pursuant to the related Yield Maintenance Agreement. The Trustee’s website will initially be located at “▇▇▇▇://▇▇▇.▇▇▇▇▇▇.▇▇▇”. Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution 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 such statements 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 (which shall not be more than 45 days) after the end of each calendar year, upon written request or request by facsimile, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force. On each Distribution Date, the Trustee shall make available to the Depositor, each Holder of a 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 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 Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided prepared by the Trust Administrator Trustee and furnished to such Holders pursuant to any requirements the rules and regulations of the Code as are in force from time to time time. The Trustee shall, upon request, 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 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 forceaccordance 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 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 Trust Administrator Trustee shall forward provide Bloomberg Financial Markets, L.P. (“Bloomberg”) loan level data with respect to all of the Certificate Insurer, the Depositor, the Trustee, Mortgage Loans and CUSIP level factors for each Holder Class of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on Certificates as of such Distribution Date, using a format and a report media mutually acceptable to the Trustee and Bloomberg. In addition if so requested by an Originator, on each Distribution Date the Trustee shall provide to such Originator and at the expense of such Originator, the amounts, if any, actually distributed loan level data 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestMortgage Loans.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He1)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-SES Notional Amount, the Value of the Mortgaged PropertyClass 2-A-IO Notional Amount, the LoanClass 2-toSES Notional Amount, the Class 3-Value Ratio SES Notional Amount and the loanClass 4-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding SES Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(Gxviii) for each Loan Group, the principal balance amount of Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Master Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer Company a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates to the extent applicable:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of such Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions distribution to Holders of such Class of Certificates allocable to principalinterest;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Chargesshortfall;
(civ) the amount of such distributions allocable any Advance by the Master Servicer pursuant to interest and the calculation thereofSection 4.04;
(dv) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate number and Pool Stated Principal Balance of each Class of Class A Certificates the Mortgage Loans after giving effect to any payment the distribution of principal on such Distribution Date;
(fvi) the amount aggregate Certificate Principal Balance of any Insured Payment included in 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) 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 months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Holders of Offered Certificates distribution made on such Distribution Date;
(gxi) the Insured Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Amount Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rates on the Class A-7 Certificates and Class A-8 Certificates for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount LIBOR for such Distribution Date;
(aaxiii) the Reimbursement Amount, if any weighted average Pool Strip Rate for such Distribution Date and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for with respect to the Class A A-11 Certificates and each Subclass, if any, thereof;
(xiv) the Class A-11 Notional Amount and each Subclass Notional Amount;
(xv) the occurrence of the Credit Support Depletion Date;
(xvi) the Senior Accelerated Distribution Percentage applicable to such distribution;
(xvii) the Senior Percentage for such Distribution Date;
(ffxviii) the Basis Risk Shortfall, if any, aggregate amount of Realized Losses for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the aggregate amount of any withdrawal recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xx) the Reserve Fund pursuant weighted average remaining term to Section 4.04(a)(II)(ix) and the balance maturity of the Reserve Fund Mortgage Loans after all deposits and withdrawals giving effect to the amounts distributed on such Distribution Date; and
(hhxxi) the amount distributed weighted average Mortgage Rates of the Mortgage Loans after giving effect to the Class R Certificateholdersamounts distributed on such Distribution Date. Items In the case of information furnished pursuant to clauses (a), (b), (ci) and (eii) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date addition to the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information statement provided to the Trust Administrator pursuant Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to Section 4.06 hereof any manager of a trust fund consisting of some or all of the Certificates, upon which reasonable request, such additional information as is reasonably obtainable by the Trust Administrator may conclusively rely without independent verification:Master Servicer at no additional expense to the Master Servicer.
(Ab) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator 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 a the Holder of a Certificate, other than a Class A Certificate R Certificate, a statement containing the information set forth in subclauses clauses (i) and (ii) of subsection (a) through (c) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg Code.
(at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇c) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator Master Servicer shall furnish prepare, or cause to any be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was a the Holder of a Class R Certificate Certificate, a statement containing the applicable distribution information provided pursuant to the previous paragraph this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a CertificateholderClass R Certificate. The Trust Administrator shall, upon written request, forward Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any Certificateholder within five Business Days after requirements of the furnishing or receipt thereof by Code.
(d) Upon the Trusteewritten request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, shall provide the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other requesting Certificateholder with such information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies as is necessary and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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) whichappropriate, in the case Master Servicer's sole discretion, for purposes of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested satisfying applicable reporting requirements under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Accredit Loans Inc)
Statements to Certificateholders. On (a) Based on the information set forth in the Electronic File, the Trustee will prepare and make available the Monthly Report substantially in the form of Exhibit N for each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate Certificateholder, the Underwriter and the Certificate Insurer a statement, parts of which parties hereto.
(b) Each Monthly Report shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting set forth the following informationfollowing:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(bi) the amount of such distributions distribution to Holders of each Class of Certificates allocable to interest, separately identifying any related Unpaid Class Interest Shortfall included in such distribution and any remaining Unpaid Class Interest Shortfall after giving effect to such distribution;
(ii) 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 monthly scheduled payments of principal or other recoveries of principal included therein; , and the amount of the distribution made on such Distribution Date to the Holders of the any remaining related Unpaid Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates Shortfall after giving effect to any payment such distribution;
(iii) the Class Principal Balance for each Class of 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;
(fiv) the amount Class A Percentage, Class M-1 Percentage, Class M-2 Percentage and Class B Percentage for such Distribution Date and the following Distribution Date;
(v) the Pool Principal Balance of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Contracts for such Distribution Date;
(gvi) the Insured Distribution Amount for Pool Factor;
(vii) the number and aggregate principal balances of Contracts delinquent (a) 30-59 days and (b) 60 or more days;
(viii) the number of Manufactured Homes that were repossessed during the month ending immediately prior to such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount number of each Class A Certificate (based on a Certificate repossessed Manufactured Homes that remain in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans inventory as of the last day of the related Due PeriodPeriod 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;
(pix) number of Contracts and aggregate Principal Balance of Contracts extended or otherwise amended during the Due Period preceding current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;.
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereofClass M-1 Distribution Test;
(yxi) the Remittance Report (as defined in Section 4.06 hereof)Class M-2 Distribution Test;
(zxii) the Class B Distribution Test;
(xiii) the Weighted Average Net Contract Rate of all outstanding Contracts;
(xiv) the Class M-1 Interest Distribution Amount and the Principal Distribution Amount Deficiency Amount, if any, for such Distribution Date;
(aaxv) the Reimbursement Class M-2 Interest Deficiency Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ffxvi) the Basis Risk ShortfallClass B-1 Interest Deficiency Amount, if any, for such Distribution Date Date;
(xvii) the Targeted Overcollateralization Amount, Overcollateralization Amount, Overcollateralization Deficiency Amount and the Unpaid Basis Risk ShortfallsOvercollateralization Release Amount, if any, outstanding after reimbursements therefor on for such Distribution Date;
(ggxviii) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Additional Principal Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report of the amountsAmount, if any, actually to be 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 Trust Administrator 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 Date pursuant to the previous paragraph aggregated for such calendar year Section 8.03(a)(11) or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any Section 8.03(a)(12);
(ixix) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receivingCumulative Realized Losses; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Origen Manufactured Housng CNT Sen/Sub as-BCK CRT Sr 2002-A)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to following Distribution Date; for each Loan Group, the Holders of Offered Certificates on such Senior Percentage and the Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(ivi) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rvii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tviii) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cx) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxi) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiii) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xiv) the Class 1-A-8 Notional Amount, the Value of the Mortgaged PropertyClass 1-A-9 Notional Amount, the LoanClass 15-to-Value Ratio IO Notional Amount and the loanClass 30-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedIO Notional Amount; and
(Gxv) the principal balance of for each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearGroup, the Trust Administrator amount of total Recoveries, the PO Recovery and the Non-PO Recovery.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicers' Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments Liquidation Proceeds included therein;
(ii) for each Loan Group, the amount allocable to interest, the Class 3-CE Distributable Amount, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) 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;
(iv) the Class Certificate Balance of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) 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;
(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) the amount of the Servicing Fee paid to or other recoveries retained by each Servicer with respect to each Loan Group and such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(x) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date;
(xi) for each Loan Group, the number and aggregate principal included thereinamounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date and (C) in bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xii) 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;
(xiii) 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;
(xiv) 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 for such Distribution Date separately identifying any reduction thereof due to the allocations of Realized Losses or Applied Realized Loss Amounts;
(xx) for each Loan Group, the amount of Recoveries and Reimbursement Amounts; and and
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class 3-P Certificates allocable to Prepayment Charges;Certificates.
(cb) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of No later than each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount Trustee, based upon information supplied to it on the Servicers' Certificates, shall make available to each Holder of any withdrawal from a Certificate, each Rating Agency and each Servicer a statement setting forth the Reserve Fund information set forth in Section 5.06(a). In the case of information furnished pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
clauses (hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (ci) and (eii) above of Section 5.06(a), the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.06(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Group, the Insured Distribution Amount Senior Percentage, the Priority Percentage and Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to Certificates (or in the Trustee and case of the Trust Administrator;
(sClass 1-A-18 Certificates, each Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Group, the Aggregate Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance 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
(xv) for each Loan Group, the Special Hazard Loss Amount, the Fraud Loss Amount and the Bankruptcy Loss Amount, in each case as of the related Mortgage LoansDetermination Date.
(xvi) the Class 1-A-18 Notional Amount, the Class 1-A-18A Notional Amount, the Class 1-A-18B Notional Amount and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding Class 1-A-18C Notional Amount for such Distribution Date;
(Eb) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificates, shall 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 (i), (ii) and (ix) 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 may make available each Mortgage Loan which is an REO Propertymonth, to any interested party, the Loan Balance of such Mortgage Loan, monthly statement to Certificateholders via 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofTrustee's website. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
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. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such the following Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) Crossed Group Total Senior Percentage, the principal amount of each Class A Certificate (based on a Certificate in Loan Group 2 Total Senior Percentage, the original principal amount of $1,000) which will be outstanding Loan Group 5 Total Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Crossed Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xv) the Class 1-A-9 Notional Amount, the Value of the Mortgaged PropertyClass 1-B-IO Notional Amount, the value established by any new appraisalClass 5-B-IO Notional Amount, the estimated cost of disposing of Class 15-IO Notional Amount, the Mortgage Class 30-IO Notional Amount, the Class 20-IO Notional Amount, the Class 1-30-IO Notional Amount, the Class 2-30-IO Notional Amount and the Class 5-IO Notional Amount;
(xvi) for each Loan and Group, the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe 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;
(Fxvii) for each Mortgage Loan which is in foreclosurethe case of the Class 1-A-7 Certificates, the Loan Balance of such Mortgage Loanapplicable Rounding Amount, the Value of the Mortgaged Propertyif any, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding for such Distribution Date and the last paid-to- date, basedamount applied to repay such Rounding Amount withdrawn for such Class on the prior Distribution Date; and
(Gxviii) in the principal balance case of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearClass 1-A-13 Certificates, the Trust Administrator 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 furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. (a) On each Distribution Date Date, the Trust Administrator Trustee shall forward make available electronically via its Internet Website or, upon written request, by mail first class mail, to each Holder Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicers, the Special Servicer, the Underwriters, each Rating Agency and any other Person designated in writing by the Depositor, a Class A Certificate and the Certificate Insurer statement (a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification"Distribution Date Statement"), as to the distributions made on such Distribution Date, setting 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 the following informationon Exhibit B hereto and, in any event, shall set forth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reduction of the Class P 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;
(civ) the amount of the distribution on such distributions allocable Distribution Date to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Holders of each Class of Class A Sequential Pay Certificates after giving effect to any payment in reimbursement of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of previously allocated Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Additional Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage LoansFund Expenses;
(v) the amount of cumulative Realized Losses total payments and its percentage other collections received by the Trust during the related Collection Period, the fees and expenses paid therefrom (with an identification of the Cut-off Date Pool Balance;
(w) general purpose of such fees and expenses and the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) party receiving such fees and expenses), the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Available Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on respective portions of such Available Distribution DateAmount attributable to each Loan Group;
(ggvi) (a) the balance aggregate amount of the Reserve Fund prior P&I Advances made with respect to the deposit or withdrawal of any amounts on entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date, the amount of any withdrawal from the Reserve Fund Date pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a4.03(a), (b)including, (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In additionwithout limitation, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator any amounts applied pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category4.03(a)(ii), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the Class A Certificateholders entire Mortgage Pool, and with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicers, the Trustee or any Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of either Master Servicer or the Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a report 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 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;
(xix) 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 Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest, the Class AJ-FL REMIC II Regular Interest, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively, for such Distribution Date;
(xxi) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case, separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xxii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xxiii) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xxiv) the Class Principal Balance or Notional Amount, as applicable, of each Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxv) the Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class AJ-FL Certificates, respectively, immediately following such Distribution Date;
(xxvi) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxvii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Special Servicer, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxviii) the aggregate amount of servicing compensation (separately identifying the amount of each category of compensation) paid to the Master Servicers and the Special Servicer during the related Collection Period;
(xxix) the loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(xxx) the original and then current credit support levels for each Class of Regular Certificates, 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 amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxxiv) the amounts, if any, actually distributed with respect to the Class R R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(xxxv) a brief description of any uncured Event of Default known to the Trustee (to the extent not previously reported) and, as determined and/or approved by the Depositor, any other information necessary to satisfy the requirements of Item 1121(a) of Regulation AB that can, in the Trustee's reasonable judgment, be included on the Distribution Date Statement without undue difficulty. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii) and (xxxiii) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicers may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. Each Distribution Date Statement shall identify the Distribution Date to which it relates and the Record Date, the Interest Accrual Period, the Determination Date and the Collection Period that correspond to such Distribution Date. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicers or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by either Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicers or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trust Administrator Trustee shall furnish send to any each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other information as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class R of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate a statement containing Owner upon the information provided pursuant request of such Certificate Owner made in writing to the previous paragraph aggregated for Corporate Trust Office (accompanied by current verification of such calendar year or applicable Certificate Owner's ownership interest). Such portion thereof during which of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing via overnight courier delivery or receipt thereof by facsimile from the Trustee, as ; provided that the case may be, copies cost of any (i) directions, notices, certificates, opinions such overnight courier delivery or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) facsimile shall be at the an expense of the party requesting Certificateholder; such information.
(a) to the extent it receives the necessary underlying information from the Special Servicer or either Master Servicer, as applicable, and provided, further, that the Trust Administrator shall not be required liable for any failure to provide deliver any document statement, report or information which it is otherwise legally prohibited from providingon the prescribed due dates, to the extent caused by failure to receive timely such underlying information. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Not
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-4)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-SES Notional Amount, the Value of the Mortgaged PropertyClass 1-IO Notional Amount, the LoanClass 2-toA-Value Ratio IO Notional Amount, the Class 2-SES Notional Amount, the Class 2-IO Notional Amount, the Class 3-SES Notional Amount and the loanClass 3-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding IO Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(Gxviii) for each Loan Group, the principal balance amount of Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(iv) for each Group, the amount allocable to interest, the Class 1-A-4 Accrual Distribution Amount and Class 3-CB-5 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;
(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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) the Class 1-A-2 Notional Amount, Class 1-IO Notional Amount, Class 3-CB-2 Notional Amount, Class 15-IO Notional Amount, Class 3-CB-IO Notional Amount, Class 4-CB-IO Notional Amount and Class 5-CB-IO Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage parties to whom such payments were made;
(xx) for each Loan and Group the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which 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 foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gxxiv) the principal balance Class 1-A-1 Yield Maintenance Agreement Payment and Class 3-CB-1 Yield Maintenance Agreement Payment received from the Counterparty and paid to the Class 1-A-1 and Class 3-CB-1 Certificates, as the case may be.
(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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-4)
Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) Concurrently with each distribution to Certificateholders, the amount of the distributions, separately identified, with respect Securities Administrator shall make available to the Class A Certificates;parties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, the following information (such information the "Monthly Statement"):
(bi) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the each Class P Certificates of Certificates, separately identified, allocable to Prepayment Chargesprincipal;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest, separately identified;
(diii) the Aggregate Loan aggregate amount the Servicing Fee during the related Due Period and such 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 the related Due Period;
(v) the aggregate Stated Principal Balance as of 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 at the close of business at the end of the related Due Period;
(evi) the Certificate Principal Balance of each Class of Class A Certificates after giving effect number, weighted average remaining term to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal maturity and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Interest Rate of 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 the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tvii) the number and aggregate unpaid principal balance of Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans, Group V Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Group VI Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a)) one month, two months or three months delinquent on a contractual basis, (b), ) as to which foreclosure proceedings have been commenced and (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of the close of business on the last day of the calendar month next preceding such Distribution Date and determined in accordance with the aggregate Loan Balances of all Mortgage Loans as of such dateMBA method;
(Bviii) 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 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 number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than book value of any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all REO Property as of the close of business on the last day Business Day of the calendar month next preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding due period;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the aggregate amount of Realized Losses incurred during the related Due Period and 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;
(Cxiii) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Class Certificate Balance of such Mortgage Loans each Class of Certificates, after giving effect to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business distributions made on the last day of the calendar month next preceding such Distribution Date;
(Dxiv) the number aggregate amount of REO Properties, the Aggregate Loan Balance of interest accrued at the related Mortgage Loans, Pass-Through Rate with respect to each Class during the related Interest Accrual Period and the percent of respective portions thereof, if any, remaining unpaid following the Aggregate Loan Balance distributions made in respect of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business Certificates on the last day of the calendar month next preceding such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Property, the 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 aggregate amount of any unreimbursed Delinquency Advances and Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the extent not covered by Compensating Interest Payments by the related Servicer or the Master Servicer pursuant to the related Servicing AdvancesAgreement or Section 6.06;
(Fxvi) the Group I Available Funds, Group II Available Funds, Group III Available Funds, Group IV Available Funds, Group V Available Funds and Group VI Available Funds;
(xvii) the Pass-Through Rate for each Mortgage Loan which is in foreclosure, the Loan Balance Class of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Certificates for such Distribution Date and the last paid-to- date, basedDate; and
(Gxviii) the principal balance 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 such Group I Mortgage Loan, Group II Mortgage Loan, Group III Mortgage Loan, Group IV Mortgage Loan, Group V Mortgage Loan that was modified and Group VI Mortgage Loan. The information set forth above shall be calculated or extended pursuant reported, as the case may be, by the Securities Administrator, based solely on, and to Section 2.10 or 3.01 hereofthe extent of, information provided to the Securities Administrator by the Master Servicer. Within a reasonable period of time (which The 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 via the Securities Administrator's website initially located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such reports are distributed in order to make such distribution more than 45 daysconvenient and/or more accessible to the parties, and the Securities Administrator shall provide timely and adequate notification to all parties regarding any such change.
(b) after the end By January 30 of each calendar yearyear beginning in 2007, if so requested in writing, the Trust Securities Administrator shall will furnish such report to each Person who Holder of the Certificates of record at any time during the prior calendar year was a Holder as to the aggregate of a Class A Certificate a statement containing the information set forth in amounts reported pursuant to subclauses (aa)(ii) through and (ca)(v) aboveabove with respect to the Certificates, aggregated plus information with respect to the amount of 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 Trust Administrator obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any the requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution 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 Value specific purpose of each payment and the Mortgaged Propertyparties to whom such payments were made;
(xx) for each Loan Group, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gb) No later than each Distribution Date, the principal balance Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-8)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments Liquidation Proceeds included therein;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(iv) the Class Certificate Balance of each Class of Certificates and Component Balance of each Component after giving effect to the distribution of principal on such Distribution Date;
(v) for each Loan Group, the Pool Stated Principal Balance for the following Distribution Date;
(vi) 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 following Distribution Date;
(viii) the amount of the Servicing Fee paid to or other recoveries retained by each Servicer with respect to each Loan Group and such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(x) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date;
(xi) for each Loan Group, the number and aggregate principal included therein; amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date and (C) in bankruptcy, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xii) 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;
(xiii) 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;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xv) the Notional Amount for each 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 allocable to Prepayment ChargesCertificates;
(cxviii) the amount of such distributions allocable Net Deferred Interest added to interest and the calculation thereofClass Certificate Balance of any Class of Certificates or the Component Balance of any Component;
(dxix) for each Loan Group, the Aggregate Loan Balance as of the end of the related Due Period;Reimbursement Amount; and
(exx) the Certificate Principal Balance of for each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;Recoveries.
(gb) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of No later than each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount Securities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall make available to each Holder of any withdrawal from a Certificate, each Rating Agency and the Reserve Fund Master Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
clauses (hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (ci) and (eii) above of Section 5.04(a), the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on On each Distribution Date Date, the Trust Securities Administrator shall distribute prepare and make available to each HolderFinancial Market Service, together with in electronic or such other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the information described above, contained in the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans statement described in clause (CSection 5.04(a) below) 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 for such Distribution Date;
. The Securities Administrator will make the monthly statement to Certificateholders (Cand, at its option, any additional files containing the same information in an alternative format) the number ofavailable each month to Certificateholders, and other parties to this Agreement via the Aggregate Loan Balance of, Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the Mortgage Loans website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in bankruptcy proceedings order to make such distribution more convenient and/or more accessible to the above parties and the percent of the Aggregate Loan Balance of Securities Administrator shall provide timely and adequate notification to all above parties regarding any such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofchanges. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-E Trust)
Statements to Certificateholders. On (a) Concurrently with each Distribution Date distribution to Certificateholders, the Trust Securities Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as make available to the distributions made on such Distribution Dateparties hereto and each Certificateholder via the Securities Administrator's internet website as set forth below, setting forth the following information:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the each Class P Certificates of Certificates, separately identified, allocable to Prepayment Chargesprincipal;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest, separately identified;
(diii) the Aggregate Loan aggregate amount the Servicing Fee during the related Due Period and such 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 the related Due Period;
(v) the aggregate Stated Principal Balance as of the Group I, Group II, Group III and Group IV Mortgage Loans at the close of business at the end of the related Due Period;
(evi) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Datenumber, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage remaining term to maturity and weighted average Loan Rate of the Group I, Group II, Group III and Group IV Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tvii) the number and aggregate unpaid principal balance of Group I, Group II, Group III and Group IV Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a)) one month, two months or three months delinquent on a contractual basis, (b), ) as to which foreclosure proceedings have been commenced and (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 dateDate;
(Bviii) 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 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 number of, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than book value of any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all REO Property as of the close of business on the last day Business Day of the calendar month next preceding the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties as of the close of business of the last day of the preceding due period;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the aggregate amount of Realized Losses incurred during the related Due Period and 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;
(Cxiii) the number ofClass Certificate Balance or Notional Amount of each Class of Certificates, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans after giving effect to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business distributions made on the last day of the calendar month next preceding such Distribution Date;
(Dxiv) the number aggregate amount of REO Properties, the Aggregate Loan Balance of interest accrued at the related Mortgage Loans, Pass-Through Rate with respect to each Class during the related Interest Accrual Period and the percent of respective portions thereof, if any, remaining unpaid following the Aggregate Loan Balance distributions made in respect of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business Certificates on the last day of the calendar month next preceding such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Property, the 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 aggregate amount of any unreimbursed Delinquency Advances and Prepayment Interest Shortfalls for such Distribution Date as determined separately for each Loan Group, to the extent not covered by Compensating Interest Payments by the related Servicer or the Master Servicer pursuant to the related Servicing AdvancesAgreement or Section 6.06;
(Fxvi) the Group I, Group II, Group III and Group IV Available Funds;
(xvii) the Pass-Through Rate for each Mortgage Loan which is in foreclosure, the Loan Balance Class of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Certificates for such Distribution Date and the last paid-to- date, basedDate; and
(Gxviii) the principal balance 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 such Group I, Group II, Group III and Group IV Mortgage Loan that was modified Loan. The information set forth above shall be calculated or extended pursuant reported, as the case may be, by the Securities Administrator, based solely on, and to Section 2.10 or 3.01 hereofthe extent of, information provided to the Securities Administrator by the Master Servicer. Within a reasonable period of time (which The Securities Administrator may conclusively rely on such information and shall not be more than 45 days) after the end of required to confirm, verify or recalculate any such information. The Securities Administrator may make available each calendar yearmonth, to any interested party , the Trust Administrator shall furnish monthly statement to each Person who Certificateholders via the Securities Administrator's website initially located at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York “▇▇▇▇▇, .▇▇▇▇▇▇▇▇▇: ▇▇▇ .▇▇▇▇▇▇, .” Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ . Parties that are unable to use the Class A Certificateholders on 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 Securities Administrator shall have the right to change the way such Distribution Datereports are distributed in order to make such distribution more convenient and/or more accessible to the parties, 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 Trust Securities Administrator shall furnish provide timely and adequate notification 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that all parties regarding any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestchange.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4)
Statements to Certificateholders. CMSA Loan Periodic Update File.
(a) On each Distribution Date Date, the Trust Administrator Trustee shall make available or forward by mail (or by electronic transmission acceptable to the recipient) to each Holder Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, each Non-Trust Loan Noteholder, the Underwriters and each Rating Agency, a Class A Certificate and statement substantially in the Certificate Insurer form attached hereto as Exhibit F (a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification"Distribution Date Statement"), as to the distributions made on such Distribution Date, based on, among other things, information provided to it by the Master Servicer and, if applicable, the Special Servicer, setting forth the following informationforth, without limitation:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of each Class of Principal Balance Certificates allocable to principal;
(ii) the amount of the distribution on such Distribution Date to the Holders of each Class P of Regular Certificates allocable to interest;
(iii) the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates allocable to Prepayment Premiums and/or Yield Maintenance Charges;
(civ) the amount of the distribution on such distributions allocable Distribution Date to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance Holders of each Class of Class A Regular Certificates after giving effect to any payment in reimbursement of principal on 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), and the Available Distribution Amount, the Loan Group No. 1 Available Distribution Amount and the Loan Group No. 2 Available Distribution Amount for such Distribution Date;
(fvi) (A) the aggregate amount of any Insured Payment included P&I Advances made in the amounts distributed respect of such Distribution Date with respect to the Holders Mortgage Pool pursuant to Section 4.03, including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of Offered Certificates ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the Mortgage Pool that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer, the Trustee or any Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (B) the aggregate amount of unreimbursed Servicing Advances as of the close of business on the related Determination Date and (C) the aggregate amount of all unreimbursed Nonrecoverable Advances as of the close of business on the related Determination Date; 178
(vii) the aggregate unpaid principal balance of the Mortgage Pool, Loan Group No. 1 and Loan Group No. 2, respectively, outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool, Loan Group No. 1 and Loan Group No. 2, respectively, outstanding immediately before and immediately after such Distribution Date;
(gix) the Insured Distribution Amount for such Distribution Datenumber, separately identifying the portions thereof allocable aggregate principal balance, weighted average remaining term to principal maturity and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day close of business on the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Determination Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the number, aggregate amount unpaid principal balance (as of payments in respect the close of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of 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 Remittance Date pursuant to Section 3.23 hereofor Special Servicer in bankruptcy proceedings;
(yxi) as to each Mortgage Loan referred to in the preceding clause (x) above, (A) the Remittance Report loan number thereof, (as defined in Section 4.06 hereof)B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(zxii) with respect to any Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the Interest Distribution Amount loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the Principal Distribution Amount for portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Distribution DateLiquidation Event;
(aaxiii) with respect to any Mortgage Loan that was the subject of any material modification, extension or waiver during the related Collection Period, (A) the Reimbursement Amountloan number thereof, if (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 Mortgage Loan as to which an uncured and unresolved Breach or Document Defect that materially and adversely affects the value of such Mortgage Loan or the interests of the Certificateholders therein 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 Mortgage Loan as to which the related Mortgaged Property became an REO Property during the related Collection Period, the loan number of such Mortgage Loan and the amountStated Principal Balance of such Mortgage Loan as of the related date of acquisition; 179
(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 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 principaldistributions on the Certificates) and, if available, the amount allocable to interest Appraised Value of such REO Property as expressed in the most recent appraisal thereof and the amount allocable to other amounts due under the Insurance Agreementdate of such appraisal;
(bbxvii) whether with respect to any REO Property included in the Step Down Trigger or Trust Fund as to which a Final Recovery Determination was made during the Step Up Trigger has occurred related Collection Period, (A) the loan number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and whether other amounts received in connection with such Final Recovery Determination (separately identifying the Servicer Termination Test has been violated portion thereof allocable to distributions on the Certificates), and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(ccC) the amount of payments received under any Realized Loss in respect of the PMI Policy and the number of related REO Mortgage Loans to which Loan in connection with such payments relatedFinal Recovery Determination;
(ddxviii) the dollar amount Accrued Certificate Interest and Distributable Certificate Interest in respect of claims made under the PMI Policy that were denied during the Due Period and the dollar amount each Class of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Regular Certificates for such Distribution Date;
(ffxix) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, after giving effect to the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor distributions made on such Distribution Date;
(ggxx) the balance Pass-Through Rate for each Class of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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 Regular Certificates for such Distribution Date;
(Cxxi) the number ofPrincipal Distribution Amount, the Loan Group No. 1 Principal Distribution Amount and the Aggregate Loan Balance ofGroup No. 2 Principal Distribution Amount for such Distribution Date, 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 Mortgage Loans in bankruptcy proceedings Loan and the percent of the Aggregate Loan Balance amount of such Mortgage Loans to prepayment or other collection of principal);
(xxii) the Aggregate Loan Balance aggregate of all Mortgage Loans, Realized Losses incurred during the related Collection Period and all as Additional Trust Fund Expenses incurred during the related Collection Period;
(xxiii) the aggregate of the close of business all Realized Losses and Additional Trust Fund Expenses that were allocated on the last day of the calendar month next preceding such Distribution Date;
(Dxxiv) the number of REO Properties, the Aggregate Loan Class Principal Balance of the related Mortgage Loans, each Class of Principal Balance Certificates and the percent Class Notional Amount of the Aggregate Loan Balance of Class X Certificates outstanding immediately before and immediately after such Mortgage Loans Distribution Date, separately identifying any reduction therein due to the Aggregate Loan Balance allocation of all Mortgage Loans, all as of the close of business Realized Losses and Additional Trust Fund Expenses on the last day of the calendar month next preceding such Distribution Date;
(Exxv) the Certificate Factor for each Mortgage Loan which is an REO PropertyClass of Regular Certificates immediately following such Distribution Date; 180
(xxvi) the aggregate amount of interest on P&I Advances paid to the Master Servicer, the Loan Balance of such Mortgage Loan, the loan number of such Mortgage Loan, the Value of the Mortgaged Property, the value established by Trustee and any new appraisal, the estimated cost of disposing of Fiscal Agent with respect to the Mortgage Loan and Pool during the amount of any unreimbursed Delinquency Advances and Servicing Advancesrelated Collection Period in accordance with Section 4.03(d);
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(Gxxvii) the principal balance aggregate amount of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied interest on Servicing Advances paid to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the DepositorMaster Servicer, the Trustee, any Fiscal Agent and the Special Servicer with respect to the Mortgage Pool 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 Holder category of a Class R Certificate, compensation) paid to the Master Servicer and Bloomberg the Special Servicer during the related Collection Period;
(at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, xxix) the loan number for each Required Appraisal Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(▇▇▇xxx) ▇▇▇the then-▇843current credit support levels for each Class of Regular Certificates;
(xxxi) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the original and then-current ratings for each Class A Certificateholders on such Distribution Date, of Regular Certificates;
(xxxii) the aggregate amount of Prepayment Premiums and a report of Yield Maintenance Charges with respect to the Mortgage Pool and each Loan Group collected during the related Collection Period;
(xxxiii) the amounts, if any, actually distributed with respect to the Class Y Certificates or Class R Certificates on such Distribution Date. Within ;
(xxxiv) a brief description of any uncured Event of Default known to the Trustee (to the extent not previously reported) and, as determined and/or approved by the Depositor, any other information necessary to satisfy the requirements of Item 1121(a) of Regulation AB that can, in the Trustee's reasonable period of time after judgment, be included on the end of each calendar yearDistribution Date Statement without undue difficulty; and
(xxxv) the Record Date, the Trust Administrator shall furnish Interest Accrual Period, the Determination Date and the Collection Period that correspond to any Person who at any time during such Distribution Date. In the calendar year was a Holder case of a Class R Certificate a statement containing the information provided to be furnished pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any clauses (i) directionsthrough (iv) above, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Certificate InsurerTrustee as a basis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii) and (xxxiv) above, insofar as the underlying information is solely within the control of the Special Servicer, the TrusteeTrustee and the Master Servicer may, absent manifest error, conclusively rely on the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished reports to the Trust Administrator be provided by the Certificate Insurer, the Trustee, the Special Servicer, the Depositor or the Rating Agencies . The Trustee may rely on and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide responsible absent manifest error for the content or accuracy of any document or information which provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose deems appropriate in its reasonable discretion (without suggesting liability on the Premium Rate to part of any Person upon requestother party hereto).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2006-C4)
Statements to Certificateholders. On each (a) (i) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01 and with respect to subsections (V) and (W) below, after consultation with the Depositor, the Securities Administrator shall forward by mail to each Holder of a Class A Certificate and determine the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as following information with respect to the distributions made on Shifting Interest Certificates and such Distribution Date, setting forth the following information:
(aA) the 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 Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(B) the Pool Distribution Amount;
(C) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(D) 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 included in such distribution made on and any remaining Class Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(E) if the distribution to the Holders of such Class of Shifting Interest Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cF) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Shifting Interest Certificates before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fG) the amount aggregate Stated Principal Balance of any Insured Payment included in the amounts distributed to Group 1 Mortgage Loans for the Holders of Offered Certificates on preceding Distribution Date and the related Distribution Date;
(H) the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(gI) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Administrative Fees paid to or retained by the Servicers with respect to Loan Group 1 and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iJ) the amount Pass-Through Rate for each such Class of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Shifting Interest Certificates with respect to such Distribution Date;
(tK) with respect to the number of Mortgage Loans outstanding;
(u) the cumulative number Shifting Interest Certificates and Loan Balances of liquidated Mortgage Loans;
(v) Group 1, the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaL) the Reimbursement Amount, if any number and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Group 1 Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(CM) with respect to any Group 1 Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregated Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(N) for Loan Group 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;
(O) the aggregate amount of Realized Losses with respect to the Aggregate Group 1 Mortgage Loans incurred during the preceding calendar month or any PO Deferred Amounts for such Distribution Date;
(P) the Notional Amount for each Class of Interest Only Certificates in Group 1;
(Q) for Loan Balance Group 1, the Reimbursement Amount; 152
(R) for Loan Group 1, the amount of all 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;
(T) any material modifications, extensions or waivers to Group 1 Mortgage Loan terms, fees, penalties or payments since the previous Distribution Date;
(U) for the Group 1 Mortgage Loans, all 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 next preceding such Distribution Date;
(DV) unless such information is otherwise set forth in the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans Form 10-D relating to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and provided that the last paidSecurities Administrator is reasonably able to include such information in the statement, material breaches of Group 1 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-to- dateD relating to such Distribution Date and provided that the Securities Administrator is reasonably able to include such information in the statement, basedmaterial breaches of any covenants under this Agreement of which the Securities Administrator has knowledge or has received written notice;
(X) the Interest Rate Cap Agreement Payment paid to the Class 1-A-1 Certificates; and
(GY) whether any exchanges of Exchangeable or Exchangeable REMIC Certificates have taken place since the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such preceding Distribution Date, and a report of the amountsand, if anyapplicable, actually distributed with respect to the Class R 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 on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof Exchangeable Certificates that were received by the Trustee, Certificateholder as the case may be, copies a result of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestexchange.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-1 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) the actual Distribution Date, the related Record Date, the Rate Determination Date and the Interest Accrual Period for each Class for such Distribution Date;
(ii) for each Loan Group, the related Pool Distribution Amount;
(iii) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(v) if the distribution to the Holders of such Class of Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and the Component Balance of each Component before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on 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;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaxii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and bankruptcy but which shall exclude REO Properties and shallfor each additional 30-day period thereafter (e.g. 121 to 150 days, 151 to 180 days, etc.) up to foreclosure, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiii) for each Loan Group, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregate Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition of the REO Properties;
(Dxiv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any Class PO Deferred Amounts for such Distribution Date;
(xvi) the Notional Amount for each Class of Interest Only Certificates and the notional amount for each interest only Component for such Distribution Date;
(xvii) for each Loan Group, the Reimbursement Amount;
(xviii) for each Loan Group, the amount of Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xix) for each Loan Group, the number of Mortgage Loans at the beginning and end of the applicable reporting period, and the Net WAC and weighted average remaining term;
(xx) 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 Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice;
(xxi) unless such information is an REO Propertyotherwise 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 Loan Balance 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 such this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on 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 so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loan and the amount Loans. By way of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each example, a Mortgage Loan which would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of not made by the close of business on the last day of the calendar month Mortgage Loan's next preceding such Distribution Date succeeding Due Date, and the last paid-to- date, based; and
(G) the principal balance of each a Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not would be more than 45 days30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date.
(b) after the end of No later than each calendar yearDistribution Date, the Trust Administrator Securities Administrator, based upon information supplied to it on the Master Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Master Servicer, a statement containing setting forth the information set forth in subclauses Section 5.04. In the case of information furnished pursuant to clauses (aiii) through and (civ) aboveof Section 5.04, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Securities Administrator shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerSecurities Administrator, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information - 108 - contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on statement described in Section 5.04 for such Distribution Date, and Date (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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii"Monthly Statement"), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-3 Trust)
Statements to Certificateholders. On each Distribution Date the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(a) Prior to the amount of Distribution Date in each month, based upon the distributionsinformation provided to the Securities Administrator on the Master Servicer’s Certificate delivered to the Securities Administrator pursuant to Section 4.01 and with respect to subsections (xxii) and (xxiii) below, separately identifiedafter consultation with the Depositor, the Securities Administrator shall determine the following information with respect to the Certificates and such Distribution Date:
(i) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class A Certificatesof Certificates for such Distribution Date;
(bii) for each Loan Group, the related Pool Distribution Amount;
(iii) for each Loan Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; and ;
(iv) for each Loan Group, the amount of the distribution made on such Pool Distribution Date to the Holders of the Class P Certificates Amount allocable to Prepayment Chargesinterest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(cv) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvi) for each Loan Group, the amount of any Insured Payment included in Pool Principal Balance for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on related Distribution Date;
(vii) for each Loan Group, the Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(gviii) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Total Senior Percentage and the Certificate Principal Balance Total Subordinate Percentage for each of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Loan Group J and Loan Group X for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) Servicing Fees paid to or retained by the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect Servicers with respect to all distributions on each Loan Group and such Distribution Date;
(nx) the total Pass-Through Rate for each such Class of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vxi) the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaxii) the Reimbursement Amount, if any number and aggregate principal amounts of the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(xiv) 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;
(xv) the Class 3-A-4 Notional Amount for such Distribution Date;
(xvi) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xvii) for each Loan Group, the Reimbursement Amount;
(xviii) for each Loan Group, the amount 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) any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments since the Aggregate previous Distribution Date;
(xxi) for the Mortgage Loans in each Loan Balance of all Group, the number and aggregate Stated Principal Balance, the weighted average Mortgage LoansInterest Rate, all the weighted average remaining term, each as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Dxxii) 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 Mortgage Loan representations and warranties of which the Securities 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 Stated Principal Balance) of REO PropertiesMortgage Loans that were the subject of aServicer Modification since the previous Distribution Date;
(xxv) for each Loan Group, the Aggregate 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 Balance 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 related 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, and the percent of the Aggregate a Mortgage Loan Balance of would be delinquent with respect to a Monthly Payment due on a Due Date if such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of Monthly Payment is not made by the close of business on the last day of the calendar month Mortgage Loan’s next preceding such Distribution succeeding Due Date;
(E) for each , and a Mortgage Loan which is an REO Property, the Loan Balance of would be more than 30-days delinquent with respect to such Mortgage Loan, the loan number of Monthly Payment if such Mortgage Loan, the Value of the Mortgaged Property, the value established Monthly Payment were not made by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day Mortgage Loan’s second succeeding Due Date.
(b) No later than each Distribution Date, the Securities 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 calendar month next preceding Master Servicer, a single statement setting forth the information set forth in Sections 5.05(a) (a “Monthly Statement”). In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.05(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the Distribution Date Statement. The Securities Administrator will make the 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 and other parties to this Agreement via the Securities Administrator’s Internet website. The Securities Administrator’s Internet website shall initially be located at “[website address].” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at [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 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 last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant Securities Administrator shall provide timely and adequate notification to Section 2.10 or 3.01 hereofall above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii) through and (civ) aboveof Section 5.05(a), in each case aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders’ gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC’s assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest Class Certificate Balance and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Component Balance of each Class of Class A Certificates and each Component prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) the Class CB-IO Notional Amount, Class NC-IO Notional Amount, Class A-3 Notional Amount, Class 1-A-3 Notional Amount and Class 2-A-3 Notional Amount;
(xix) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Propertyparties to whom such payments were made;
(xx) for each Loan Group, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gb) No later than each Distribution Date, the principal balance Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providingtime to time. The Trustee hereby agrees to disclose the Premium Rate For all purposes of this Agreement, with respect to any Person upon requestMortgage 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 2006-9)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-SES Notional Amount, the Value of the Mortgaged PropertyClass 1-IO Notional Amount, the LoanClass 2-toA-Value Ratio IO Notional Amount for such Distribution Date, the Class 2-SES Notional Amount and the loanClass 3-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding SES Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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 "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Series 2003 I)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group and the Class 15-IO, Class 30-IO, Class SES and Class X-B 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such the following Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) CA-Crossed Total Senior Percentage, the principal amount of each Class A Certificate (based on a Certificate in 15 Year Crossed Total Senior Percentage, the original principal amount of $1,000) which will be outstanding CA-Aggregate Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such 15 Year Crossed Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class A-PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xv) the Class 1-A-7 Notional Amount, the Value of the Mortgaged PropertyClass 1-A-10 Notional Amount, the value established by any new appraisalClass 15-A-IO Notional Amount, Class 30-IO Notional Amount, Class 1-30-IO Notional Amount, Class 2-30-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 5-SES Notional Amount;
(xvi) the estimated cost of disposing of Ancillary Income for each Class SES Component for such Distribution Date;
(xvii) the Mortgage Class SES Compensating Interest for such Distribution Date;
(xviii) for each Loan and Group, the amount of any unreimbursed Delinquency Advances total Recoveries, the Class A-PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxix) in the case of the Class 1-A-12 Certificates, (a) the Deficiency Amount, if any, for each Mortgage Loan which is such Distribution Date and (b) amounts, if any, in foreclosurerespect of the Deficiency Amount paid under the Policy;
(xx) in the case of the Class 1-A-12 Certificates, the Loan Balance of such Mortgage Loanamount remaining in the Reserve Fund after taking into account the Reserve Withdrawal, the Value of the Mortgaged Propertyif any, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding for such Distribution Date and the last paidamount of the Reserve Withdrawal allocated to the Class 1-to- date, basedA-12 Certificates; and
(Gxxi) in the principal balance case of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearClass 1-A-12 Certificates, the Trust Administrator 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 furnish make available to MBIA, each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage Loan, Realized Losses incurred during the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class PO Deferred Amounts for such Distribution Date Date;
(xv) the Class CB-WIO Notional Amount, Class NC-WIO Notional Amount, Class 2-A-WIO Notional Amount, Class CB-SES Notional Amount, Class NC-SES Notional Amount and Class 2-SES Notional Amount for such Distribution Date;
(xvi) the last paid-to- date, basedAncillary Income for each Class SES Component for such Distribution Date; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of the REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of the REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2003-5)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan 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, any remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution and the Class 2-A-4 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage Loan, Realized Losses incurred during the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class PO Deferred Amounts for such Distribution Date Date;
(xv) the Class 1-IO Notional Amount, Class 2-IO Notional Amount, Class 3-IO Notional Amount, Class 4-IO Notional Amount, Class 5-IO Notional Amount, Class 6-IO Notional Amount, Class 1-SES Notional Amount, Class 2-SES Notional Amount, Class 3-SES Notional Amount, Class 4-SES Notional Amount, Class 5-SES Notional Amount and Class 6-SES Notional Amount for such Distribution Date;
(xvi) the last paid-to- date, basedAncillary Income for each Class SES Component for such Distribution Date; and
(Gxvii) the principal balance 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 Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Alternativer Loan Trust 2003-10)
Statements to Certificateholders. On (a) Each month, at least two Business Days prior to each Distribution Date Date, the Trust Administrator Company shall forward by deliver to the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the The amount of such distributions distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepay-ments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and monthly scheduled payments Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of principal any Mortgage Loans pursuant to Section 2.02 or other recoveries 2.03(a), the proceeds of principal included therein; and the amount of the distribution made which purchases or substitutions are being distributed on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment ChargesDate);
(cii) the The amount of such distributions distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest and interest, including any Accrual Amount added to the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each any Class of Class A Certificates 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) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to any payment of all distributions allocable to principal made on such Distribution Date;
(fv) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
The Class Certificate Principal Balance (gor Notional Principal Balance) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance (or Notional Principal Balance) of a Single Certificate of each Class of Class A Certificates, in each case 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 payment Accrual Amount, in the case of principal any Class of Accrual Certificates) made on such Distribution Date;
Date and (iii) the amount allocation of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution any Subordinate Certificate Writedown Amount for such Distribution Date;
(aavi) the Reimbursement Amount, if any and the amount, if any, allocable The Pay-out Rate applicable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreementeach Class of Certificates;
(bbvii) whether the Step Down Trigger The book value and unpaid principal balance of any real estate acquired on behalf of Certificateholders through foreclosure, or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount grant of payments received under the PMI Policy a deed in lieu of foreclosure or otherwise, of any REO Mortgage Loan, and the number of the related Mortgage Loans to which such payments relatedLoans;
(ddviii) the dollar amount The aggregate Scheduled Principal Balances and number of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)which, as of the close of business on the last day of the calendar month next 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 the aggregate Loan Balances of all Mortgage Loans as of such dateClass;
(Bxi) the number ofThe Senior Percentage, Group I Senior Percentage, Group II Senior Percentage, Group I Scheduled Distribution Percentage, Group II Scheduled Distribution Percentage and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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 Junior Percentage for such Distribution Date;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(Gxii) The Senior Prepayment Percentage, Group I Senior Prepayment Percentage, Group II Senior Prepayment Percentage and Junior Prepayment Percentage for such Distribution Date. In the principal balance case of each Mortgage Loan information furnished pursuant to clauses (i) through (iii) above, the amounts shall be expressed as a dollar amount per Single Certificate. In connection with any proposed transfer of a Certificate that was modified or extended is purported to be made in reliance on Rule 144A under the Securities Act, the Company shall be responsible for furnishing such information as may be required thereunder to a proposed transferee. In furtherance of the Company's obligations hereunder, the Company hereby instructs the Trustee, at the Company's expense and on its behalf, and the Trustee agrees, to promptly make available to the proposed transferee, upon request of the holder, (i) all statements furnished to Certificateholders pursuant to this Section 4.05(a) on previous Distribution Dates, (ii) all certificates furnished to the Trustee pursuant to Section 2.10 4.06 in prior months, (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 amendments or 3.01 hereof. Within a reasonable period of time supplements thereto issued by the Company (which copy shall be furnished to the Trustee by the Company), and (vi) the Company's Current Report on Form 8-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 (ii) above relating to Distribution Dates occurring more than twenty-four months preceding the month in which such request was received; provided, further, however, that notwithstanding the Trustee's agreement as aforesaid to provide such materials to a proposed transferee, the Trustee does not assume, and shall not thereby be more than 45 daysdeemed 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) after and shall be entitled to include a notice with such statements or certificates to the end 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 calendar year, commencing in 1997, the Trust Administrator Company shall furnish to the Trustee for mailing to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificateholder a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall required to be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestCode.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group and the Class SES Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution, the Class 1-A-5 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Group, the Insured Distribution Amount for such Distribution DateClass 1-A-6 Priority Percentage (if applicable), separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid Servicer with respect to the Trustee each Loan Group and the Trust Administrator;
(s) such Distribution Date and, if applicable, the amount of any Delinquency Advances and Supplemental Servicing Advances for Fee payable to the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Group, the Aggregate Loan Balance of the related Mortgage Loans, Senior Prepayment Percentage and the percent Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class A-PO Deferred Amounts for such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Propertythe Class 1-A-4 Notional Amount, the Loan Balance of such Mortgage LoanClass 1-A-WIO Notional Amount, the loan number of such Mortgage LoanClass 2-A-WIO Notional Amount, the Value of the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan Class 1-SES Notional Amount and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesClass 2-SES Notional Amount for such Distribution Date;
(Fxvi) the Class SES Component Distributable Amount for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding Class SES Component for such Distribution Date and the last paid-to- date, basedDate; and
(Gxvii) the principal balance Class SES Compensating Interest for each Loan Group for such Distribution Date.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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 "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Alternative Loan Trust Mort Pass Through Cert Series 2003-4)
Statements to Certificateholders. On each Distribution Date Date, the Trust Securities Administrator (based on the information set forth in the Servicer Reports for such Distribution Date, information provided by the Swap Provider under the Swap Agreement with respect to payments made pursuant to the Swap Agreement and information provided by the Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall forward by mail make available to each Holder of a Class A Certificate the Certificates, the Servicer and the Certificate Insurer Credit Risk Manager, a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, applicable Interest Accrual Periods and general Distribution Dates;
(ii) with respect to each loan group, the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; total cash flows received and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation general sources thereof;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by the end of Servicer during the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(liv) the amount, if any, of Realized Losses for other fees or expenses accrued and paid, with an identification of the previous calendar monthpayee and the general purpose of such fees;
(mv) with respect to each loan group, the amount of the related distribution to Holders of the Certificates (by class) allocable to principal, separately identifying (A) the Overcollateralized aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) any Overcollateralization Increase Amount after giving effect to all distributions on such Distribution Dateincluded therein;
(nvi) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to each loan group, the preceding monthamount of such distribution to Holders of the Certificates (by class) allocable to interest and the portion thereof, if any, provided by the Swap Agreement in the aggregate;
(ovii) with respect to each loan group, the Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for the related Certificates (if any);
(viii) the aggregate amount of Advances included in the distributions on the Distribution Date (including the general purpose of such Advances);
(ix) with respect to each loan group, the number and aggregate principal balance of any Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2) two 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 last day related Due Date;
(xi) with respect to each loan group and any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Due Prepayment Period;
(pxii) the current weighted average total number and principal balance of any real estate owned, or REO Properties, as of the remaining terms end of the Mortgage Loansrelated Prepayment Period;
(qxiii) with respect to each loan group, whether the amount of Servicing Fee paid to or retained by the ServicerStepdown Date has occurred and whether Trigger Event is in effect;
(rxiv) with respect to each loan group, the amount cumulative Realized Losses through the end of Administrative Fee paid to the Trustee and the Trust Administratorpreceding month;
(sxv) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding 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 Delinquency Advances 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 aggregate amount denominator of Nonrecoverable Delinquency Advances with respect which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xix) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(txx) the number Interest Distribution Amount in respect of Mortgage Loans outstandingthe Class A Certificates, the Mezzanine Certificates and the 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;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxxi) the aggregate amount of payments in respect of any Prepayment Interest Shortfalls deposited in Shortfall for such Distribution Date, to the Collection Account extent not covered by payments by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereofof this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(yxxii) the Remittance Report (as defined in Section 4.06 hereof);
(z) the aggregate amount of Relief Act Interest Distribution Amount and the Principal Distribution Amount Shortfalls for such Distribution Date;
(aaxxiii) the Reimbursement Amount, if any and the amountamount of, if any, allocable to principal, the amount allocable to interest of Net Monthly Excess Cashflow or excess spread and the amount allocable to other amounts due under the Insurance Agreementapplication of such Net Monthly Excess Cashflow;
(bbxxiv) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated Required Overcollateralization Amount and the Rolling Delinquency Percentage and the Annual Loss Credit Enhancement Percentage for the current such Distribution Date;
(ccxxv) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which Overcollateralization Increase Amount, if any, for such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Distribution Date;
(eexxvi) the Overcollateralization Reduction Amount, if any, for such Distribution Date;
(xxvii) the Pass-Through Rate for the Class A each class of Certificates for such Distribution Date;
(ffxxviii) the Basis Risk Shortfall, if any, for such Distribution Date and amount of any deposit to the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution DateReserve Fund contemplated by Section 3.25(b);
(ggxxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxx) the amount of any withdrawal from deposit to the Reserve Fund pursuant to Section 4.04(a)(II)(ix5.01(c)(8)(vi);
(xxxi) and the balance Loss Severity Percentage with respect to each Mortgage Loan;
(xxxii) the Aggregate Loss Severity Percentage;
(xxxiii) with respect to each loan group, the amount of the Reserve Fund after all deposits Prepayment Charges remitted by the 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 and withdrawals on such Distribution Dateany related Swap Termination Payment payable to the Swap Provider; and
(hhxxxv) the amount distributed amounts received under the Cap Contracts. The Securities Administrator will make such statement (and, at its option, any additional files containing the same information in an alternative format) available each month to the Class R CertificateholdersCertificateholders and the Rating Agencies via the Securities Administrator’s internet website. Items The Securities Administrator’s internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at ▇-▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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), (b), (ci) and (eii) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per Single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish upon request to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any each Certificateholder within five Business Days after during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Serviceras applicable, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap6)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such distribution and the Class 3-A-8 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and the Component Balance of each Component after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any unreimbursed Delinquency Advances and Servicing AdvancesClass PO Deferred Amounts for such Distribution Date;
(Fxiv) 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 Mortgage Loan which is in foreclosureGroup, the Loan Balance of such Mortgage Loan, Reimbursement Amount;
(xvi) the Value of Yield Maintenance Agreement Payments received from the Mortgaged Property, Counterparty and Yield Maintenance Amounts and Yield Maintenance Amount Shortfalls paid to the LoanClass 1-toA-2 and Class 3-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedA-7 Certificates; and
(Gxvii) for each Loan Group, the principal balance amount of Recoveries, the Class PO Recovery and the Non-PO Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.ctslink.com." Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ities Administrator's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇er copy mailed to them via first class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-5 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Group, the Aggregate Loan Balance of the related Mortgage Loans, Senior Prepayment Percentage and the percent Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Ratio Strip Deferred Amounts for such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Propertythe Class 1-A-SES Notional Amount, the Loan Balance of such Mortgage LoanClass 1-A-WIO Notional Amount, the loan number of such Mortgage LoanClass 2-SES Notional Amount, the Value of the Mortgaged PropertyClass 2-WIO Notional Amount, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan Class 3-SES Notional Amount and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesClass 3-WIO Notional Amount for such Distribution Date;
(Fxvi) the Class SES Distributable Amount for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedDate; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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 "w▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2003-D)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Servicer's Certificates delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; therein 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 ChargesPremiums and Servicer Prepayment Premium Payment Amounts;
(cii) the amount of such distributions allocable to interest interest, any Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall included in such distribution and the calculation thereofany remaining Class Unpaid Interest Shortfall or Component Unpaid Interest Shortfall after giving effect to such distribution;
(diii) if the Aggregate Loan Balance as 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 end of shortfall and the related Due Periodallocation thereof as between principal and interest;
(eiv) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) the Insured Distribution Amount Senior Percentage for such each Loan Group, and the Subordinate Percentage for the following Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Total Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance of the related Mortgage Loans, Senior Prepayment Percentage and the percent Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the preceding calendar month next preceding and for each Group or any Class PO Deferred Amounts for such Distribution Date;
(Exv) the Class 8-IO, Class CB-IO and Class NC-IO Notional Amount for such Distribution Date;
(xvi) for each Mortgage Loan which is an REO Property, the 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 Group the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosuretotal Recoveries, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio Class PO Recovery and the loanNon-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedPO Recovery; and
(Gxvii) the principal balance Mortgage Loan identifying number of each Mortgage Loan with a Prepayment Premium that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within the subject of a reasonable period of time (which shall not be more than 45 days) after Principal Prepayment in Full during the end of each calendar yearrelated Collection Period, the Trust Administrator shall furnish Prepayment Premium listed on each related Mortgage Note and the Prepayment Premium collected or the Servicer Prepayment Premium Payment Amount paid by the Servicer with respect to each Person who at any time during such Mortgage Loan; and
(b) No later than each Distribution Date, the calendar year was a Securities Administrator, based upon information supplied to it on the Servicer's Certificates, shall make available to each Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Securities Administrator shall forward prepare and make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerSecurities Administrator, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Class, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 Class, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates (other than the Exchangeable Certificates) prior to and after giving effect to any payment the distribution of principal on such Distribution Date 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;
(fviii) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the amount of any Insured Payment included in Senior Percentage and the amounts distributed to Subordinate Percentage for such Distribution Date and the Holders of Offered Certificates on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(vxi) the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup (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 Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) in the case of each Class of Interest Only Certificates (other than a Class of Exchangeable Certificates), the Value applicable Notional Amount, if any, and for each Class of the Mortgaged PropertyInterest Only Certificates which are Exchangeable Certificates, the value established Maximum Notional Amount, if any;
(xix) any expenses or indemnification amounts paid by any new appraisalthe Trust, the estimated cost specific purpose of disposing of each payment and the Mortgage parties to whom such payments were made;
(xx) for each Loan Group (other than Loan Group 3) and Assumed Loan Group, the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which terms, fees, penalties or payments since the previous Distribution Date;
(xxii) unless such information is set forth in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paidTrustee 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-to- dateA-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, basedas the case may be; and
(Gxxv) 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 balance 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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". The Trustee will also make available copies of the 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providingtime to time. The Trustee hereby agrees to disclose the Premium Rate For all purposes of this Agreement, with respect to any Person upon requestMortgage 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. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-A-SES Notional Amount, the Value of the Mortgaged PropertyClass 1-A-IO Notional Amount, the LoanClass 2-toSES Notional Amount, the Class 2-Value Ratio IO Notional Amount and the loanClass 3-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding SES Notional Amount for such Distribution Date and Date;
(xvi) the last paid-to- date, basedAncillary Income for such Distribution Date; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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 "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
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. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the Loan Balance aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any Class PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xiv) the Class 1-A-13 Notional Amount, the loan number of Class 1-A-20 Notional Amount and the Class 30-IO Notional Amount for such Mortgage LoanDistribution Date;
(xv) for each Loan Group, the Value of the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage Loan and the amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedReimbursement Amounts; and
(Gxvi) for each Loan Group, the principal balance amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Securities 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 (i) and (ii) of Section 2.10 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or 3.01 hereofsuch other format and media mutually agreed upon by the Securities 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 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder information to be reported to the Holders of the Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Holders of the Residual Certificates by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each Trust REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-2 Trust)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such the following Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) Crossed Group Total Senior Percentage, the principal amount of each Class A Certificate (based on a Certificate in Loan Group 2 Total Senior Percentage, the original principal amount of $1,000) which will be outstanding Loan Group 5 Total Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Crossed Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xv) the Class 1-A-9 Notional Amount, the Value of the Mortgaged PropertyClass 1-B-IO Notional Amount, the LoanClass 5-toB-Value Ratio 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 2-30-IO Notional Amount and the loanClass 5-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedIO Notional Amount; and
(Gxvi) the principal balance of for each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar yearGroup, the Trust Administrator 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.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall furnish make available to each Person who at any time during the calendar year was a Holder of a Class A Certificate Certificate, each Rating Agency and the Servicer a statement containing setting forth the information set forth in subclauses Section 5.04(a). In the case of information furnished pursuant to clauses (ai) through and (cii) aboveof Section 5.04(a), aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Group and the Class 1-IO, Class 2-IO and Class 4-IO Certificates, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or in bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiii) for each Mortgage Loan which is an REO PropertyGroup, the 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 Senior Prepayment Percentage and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesSubordinate Prepayment Percentage for the following Distribution Date;
(Fxiv) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance aggregate amount of such Mortgage LoanRealized Losses incurred during the preceding calendar month;
(xv) the Class 1-IO Notional Amount, the Value of the Mortgaged Property, the LoanClass 2-to-Value Ratio IO Notional Amount and the loanClass 4-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding IO Notional Amount for such Distribution Date and the last paid-to- date, basedDate; and
(Gxvi) for each Loan Group, the principal balance amount of Recovery.
(b) No later than each Mortgage Loan that was modified or extended Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Statements to Certificateholders. On each Distribution Date Date, the Trust Administrator Servicer shall forward by mail prepare and furnish to the Trustee and the Paying Agent, and the Paying Agent shall include with the distribution to each Holder Certificateholder a statement substantially in the form of a Class A Certificate and Exhibit E, based on information in the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as certificate furnished pursuant to the distributions made on such Distribution DateSection 4.9, setting forth for the Collection Period the following information:information (which in the case of items (i), (ii) and (iii) shall be expressed in the aggregate and as a dollar amount per $1,000 of the original principal balance of a Certificate):
(ai) the amount of such distribution allocable to principal on the Class A Certificates and the Class B Certificates;
(ii) the amount of such distribution allocable to interest on the Class A Certificates and the Class B Certificates (specifying specifically the amount of any Class B Stripped Coupon included therein);
(iii) the amount of the distributions, separately identified, with respect Servicing Fee paid to the Servicer pursuant to Section 5.5(c);
(iv) the Class A Certificates;
(b) Certificate Balance, the amount of such distributions allocable to principalClass A Pool Factor, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; Class B Certificate Balance and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance B Pool Factor as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of payments allocated to principal on such Distribution Datereported pursuant to clause (i);
(iv) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans Pool Balance as of the last day of the related Due preceding Collection Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(qvi) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due PeriodAggregate Net Losses, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount if any, for such Distribution Date;.
(aavii) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) Interest Carryover Shortfall, the Basis Risk Class B Interest Carryover Shortfall, the Class A Principal Carryover Shortfall and the Class B Principal Carryover Shortfall, if any, for such Distribution Date;
(viii) the balance of the Reserve Account on such Distribution Date, after giving effect to changes therein on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor amounts deposited into and withdrawn from the Reserve Account on such Distribution Date;
(ggix) the balance of the Specified Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), Account Balance 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(Cx) the number of, and aggregate Repurchase Amount of Receivables repurchased by the Aggregate Loan Balance of, Seller or purchased by the Mortgage Loans in bankruptcy proceedings and Servicer during such Collection Period; and
(xi) the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all aggregate unreimbursed Advances as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) change in such amount from the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each previous Distribution Date and the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder amount of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders Advances reimbursed on such Distribution Date, Date from collections and a report of Liquidation Proceeds and from withdrawals from the amounts, if any, actually distributed with respect to the Class R Certificates on such Distribution DateReserve Account. Within a reasonable period of time after the end of each calendar year, but not later than the Trust Administrator latest date permitted by law, the Servicer shall prepare and furnish to any the Trustee and the Paying Agent, and the Paying Agent shall furnish, to each Person who at any time during the such calendar year was shall have been a Holder Certificateholder for the purposes of a Class R Certificate such Certificateholder's preparation of federal income tax returns, a statement containing setting forth the information provided pursuant to sum of the previous paragraph aggregated amounts determined in clauses (i) through (iii) for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestyear.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chase Manhattan Bank Usa National Association)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based solely upon the Trust Administrator shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Master Servicer's Certificate delivered to the Trustee pursuant to Section 4.01, the Trustee shall prepare a statement containing the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Payoffs, Curtailments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each Loan Group, the amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to such distribution;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the Pool Stated Principal Balance for the following Distribution Date;
(vi) 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 and the Subordinate Percentage for the following Distribution Date;
(vii) the amount of any Insured Payment included in the amounts distributed Servicing Fee paid to the Holders of Offered Certificates on or retained by each Servicer with respect to each Loan Group and such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(iviii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Master Servicing Fee paid to or retained by the ServicerMaster Servicer with respect to each Loan Group and such Distribution Date;
(rix) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tx) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggxi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall(4) 91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxii) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxiii) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exiv) for each Mortgage Loan which is an REO PropertyGroup, the 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 aggregate amount of any unreimbursed Delinquency Advances Realized Losses incurred during the preceding calendar month and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosureGroup, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding any Class PO Deferred Amounts for such Distribution Date and the last paid-to- date, basedDate; and
(Gxv) the principal balance Class 30-IO Notional Amount and Class 15-IO Notional Amount for such Distribution Date.
(xvi) for each Loan Group, the amount of each Mortgage total Recoveries, the Class PO Recovery and the Non-PO Recovery and, for Loan that was modified or extended Group 2, the amount of the Class PO Recovery for Loan Group 2 allocated to the Class 2-X-PO Component and the Class 15-PO Certificates.
(b) In the case of information furnished pursuant to clauses (i), (ii) and (x) of Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year5.04(a), the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator amounts shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code expressed as are from time to time in forcea dollar amount per Certificate with a $1,000 denomination. On each Distribution Date Date, the Trust Administrator Trustee shall forward make available to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Certificate InsurerTrustee, the Financial Market Service and the Depositor, the Trustee, each Holder of a Class R Certificate, information contained in the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇statement described in Section 5.04(a) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on for 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) 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;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) for each Group, the Insured Distribution Amount Senior Percentage, the Priority Percentage and Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rviii) the amount Pass-Through Rate for each such Class of Administrative Fee paid to Certificates (or in the Trustee and case of the Trust Administrator;
(sClass 1-A-26 Certificates, each Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(tix) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Periodic Advances included in the Collection Account by the Servicer distribution on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Group, the Aggregate Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Balance 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
(xv) for each Loan Group, the Special Hazard Loss Amount, the Fraud Loss Amount and the Bankruptcy Loss Amount, in each case as of the related Mortgage LoansDetermination Date.
(xvi) the Class 1-A-25 Notional Amount, the Class 1-A-26 Notional Amount, the Class 1-A-26A Notional Amount and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding Class 1-A-26B Notional Amount for such Distribution Date;
(Eb) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificates, shall 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 (i), (ii) and (ix) 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 may make available each Mortgage Loan which is an REO Propertymonth, to any interested party, the Loan Balance of such Mortgage Loan, monthly statement to Certificateholders via 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofTrustee's website. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai), (ii) through and (cvii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2001-9)
Statements to Certificateholders. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Master Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate Holder, the Insurer, BSFP, Bear, ▇▇▇▇▇▇▇ Capital Markets, Inc., the Limited Reimbursement Counterparty and the Certificate Insurer Depositor a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates, in each case to the extent applicable:
(ai) (A) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (B) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) the amount of the distributionsReserve Fund Addition, separately identifiedthe amount of any amounts removed from the Reserve Fund, and whether such amounts were used to reimburse the Insurer for Cumulative Insurance Payments, to cover Basis Risk Shortfalls, or to pay the Class R Certificates;
(iv) 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;
(v) the amount of any Advance by the Master Servicer with respect to the Class A CertificatesGroup I Loans and Group II Loans pursuant to Section 4.04;
(bvi) the amount number of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Group I and monthly scheduled payments of principal or other recoveries of principal included therein; Group II Loans and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Stated Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) the amount aggregate Certificate Principal Balance of any Insured Payment included in each Class of the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(viii) on the basis of the most recent reports furnished to it by Subservicers, the number and aggregate principal balances of Group I Loans and Group II Loans that are Delinquent (A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Holders of Offered Certificates distribution made on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxi) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, Realized Losses for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor aggregate amount of Realized Losses on such Distribution the Group I Loans and Group II Loans incurred since the Cut-off Date;
(ggxii) the balance Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the Reserve Fund prior to the deposit or withdrawal close of business on such Distribution Date and a description of any amounts change in the calculation of such amounts;
(xiii) the amount of any Insured Amount paid on such Distribution Date, the amount of any withdrawal reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(g)(iv) and the amount of Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Insurer;
(xiv) the Pass-Through Rate on each Class of Certificates, the Group I and Group II Weighted Average Net Mortgage Rate and the Net Weighted Average Cap Rate;
(xv) the weighted average of the Maximum Net Mortgage Rates on the Group I Loans and Group II Loans;
(xvi) the related Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xvii) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xviii) the number and aggregate principal balance of Group I and Group II Loans repurchased under Section 4.07;
(xix) the aggregate amount of Deferred Interest added to the Stated Principal Balance of the Group I Loans and Group II Loans;
(xx) the aggregate amount of any recoveries on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xxi) the weighted average remaining term to maturity of the Group I and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xxii) the weighted average Mortgage Rates of the Group I and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xxiii) the aggregate of any deposits to and withdrawals from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) for such Distribution Date and the balance of remaining amount on deposit in the Reserve Fund after all such deposits and withdrawals on such Distribution Datewithdrawals; and
(hhxxiv) amounts rendered under each Yield Maintenance Agreement. In the amount distributed case of information furnished pursuant to the Class R Certificateholders. Items clauses (a), (b), (ci) and (eii) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date addition to the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information statement provided to the Trust Administrator pursuant Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to Section 4.06 hereof any manager of a trust fund consisting of some or all of the Certificates, upon which reasonable request, such additional information as is reasonably obtainable by the Trust Administrator may conclusively rely without independent verification:Master Servicer at no additional expense to the Master Servicer.
(Ab) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Master Servicer shall furnish prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was a the Holder of a Certificate, other than a Class A Certificate R Certificate, a statement containing the information set forth in subclauses clauses (i) and (ii) of subsection (a) through (c) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer and Trustee pursuant to any requirements of the Code Code.
(c) As soon as are from time to time in force. On each Distribution Date reasonably practicable, upon the Trust Administrator shall forward to the Certificate Insurerwritten request of any Certificateholder, the Depositor, Master Servicer shall provide the Trustee, each Holder of a Class R Certificate, the Servicer requesting Certificateholder with such information as is necessary and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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) whichappropriate, in the case Master Servicer's sole discretion, for purposes of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested satisfying applicable reporting requirements under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01 and with respect to subsections (xxi) and (xxii) below, after consultation with the Depositor, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (amount of Servicing Advances made since the previous Distribution Date, the aggregate amount of Servicing Advances outstanding as defined in Section 4.06 hereof)of the close of business on such Distribution Date and the amount of Servicing Advances reimbursed since the previous Distribution Date;
(zxiii) for each Loan Group, the number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiv) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxvi) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvii) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xviii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xix) the Class 1-CB-IO Notional Amount, Class 2-CB-IO Notional Amount, Class 3-CB-IO Notional Amount and Class 4-CB-IO Notional Amount and Class CB-IO Notional Amount for such Distribution Date;
(xx) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage parties to whom such payments were made;
(xxi) for each Loan and Group the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxii) for each any material modifications, extensions or waivers to Mortgage Loan which terms, fees, penalties or payments since the previous Distribution Date and cumulatively since the Cut-off Date;
(xxiii) unless such information is set forth in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany material breaches of representations and warranties relating to the Mortgage Loans and any material breach of covenants hereunder; and
(Gxxiv) the number and aggregate principal balance of any Mortgage Loans repurchased by the Depositor from the Trust since the previous Distribution Date.
(b) No later than each Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 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 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-1)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made 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, setting forth the following information:
(ai) the amount date of such Distribution Date and the distributions, separately identified, with respect to the Class A CertificatesDetermination Date for such Distribution Date;
(bii) for each Class, the applicable Record Date and Interest Accrual Period;
(iii) for each Group, the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal 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 distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates prior to and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on Pool Stated Principal Balance for such Distribution Date;
(gviii) for each Loan Group, the Insured Distribution Amount Senior Percentage and the Subordinate Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Date and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Total Senior Percentage and Aggregate Subordinate Percentage for such Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the ServicerServicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
Certificates (sor Component) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses and its percentage of Periodic Advances included in the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) distribution on such Distribution Date, the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by close of business on such Distribution Date and the Servicer on amount of Periodic Advances reimbursed since the related Servicer Remittance Date pursuant to Section 3.23 hereofprevious Distribution Date;
(yxii) for each Loan Group, the Remittance Report (as defined in Section 4.06 hereof);
(z) number and aggregate Stated Principal Balance of the Mortgage Loans, the ranges of Mortgage Interest Distribution Amount 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 Distribution Amount for Prepayments, each as of the close of business on the last day of the calendar month preceding such Distribution Date;
(aaxiii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shallor in bankruptcy) in 30-day increments until foreclosure or other disposition, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans, all in bankruptcy as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiv) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the number of, and the Aggregate Loan Balance ofpreceding calendar month, the Mortgage Loans in bankruptcy proceedings loan number and the percent of the Aggregate Loan Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Dxv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exvi) for each Mortgage Loan which is an REO PropertyGroup, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for such Distribution Date;
(xvii) for each Loan Balance of such Mortgage LoanGroup, the loan number aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any PO Deferred Amounts for such Mortgage LoanDistribution Date;
(xviii) the Class 1-CB-IO Notional Amount, Class 2-CB-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 15-IO Notional Amount for such Distribution Date;
(xix) any expenses or indemnification amounts paid by the Trust, the Value specific purpose of each payment and the Mortgaged Property, the value established by any new appraisal, the estimated cost of disposing of the Mortgage parties to whom such payments were made;
(xx) for each Loan and Group the amount of any unreimbursed Delinquency Advances total Recoveries, the PO Recovery and Servicing Advancesthe Non-PO Recovery;
(Fxxi) for each any material modifications, extensions or waivers to Mortgage Loan which 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 foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the LoanForm 10-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding D relating to such Distribution Date and provided the last paid-to- dateTrustee is reasonably able to include such information on the statement, basedany 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
(Gxxiv) the principal balance 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 Mortgage Loan that was modified or extended 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 2.10 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 3.01 hereofsuch 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 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii), (iv) through and (cix) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each 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 a Class R Certificate, the Servicer and Bloomberg Residual Certificate for quarterly notices on Schedule Q (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, Form 1066) (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ which information shall be forwarded to the Class A Certificateholders on such Distribution Date, and a report Holder 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 Trust Administrator shall furnish to any Person who at any time during the calendar year was a Holder of a Class R 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. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
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 (based on the information set forth in the Servicer Reports for such Distribution Date and information provided by the Trust Administrator Trustee or the Swap Provider under the Swap Agreement with respect to payments made pursuant to the Swap Agreement) shall forward by mail make available to each Holder of the Certificates, a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(a) the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amountapplicable Interest Accrual Periods and general Distribution Dates;
(jii) with respect to each loan group, the amount of any Available Funds Shortfalltotal cash flows received and the general sources thereof;
(k) the Net WAC Cap;
(liii) the amount, if any, of Realized Losses for fees or expenses accrued and paid, with an identification of the previous calendar monthpayee and the general purpose of such fees;
(miv) with respect to each loan group, the amount of the related distribution to Holders of the Certificates (by class) allocable to principal, separately identifying (A) the Overcollateralized aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) any Overcollateralization Increase Amount included therein;
(v) with respect to each loan group, the amount of such distribution to Holders of the Certificates (by class) allocable to interest and the portion thereof, if any, provided by the Swap Agreement;
(vi) with respect to each loan group, the 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 the related Certificates before and after giving effect to all distributions the distribution of principal and allocation of Allocated Realized Loss Amounts on such Distribution Date;
(nviii) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to each loan group, the preceding month;
(o) the weighted average Mortgage Rate number and Scheduled Principal Balance of all the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such following Distribution Date;
(tix) the number Pass-Through Rate for each Class of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereofCertificates for such Distribution Date;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited Advances included in the Collection Account by the Servicer distributions on the related Servicer Remittance Distribution Date pursuant to Section 3.23 hereof;
(y) including the Remittance Report (as defined in Section 4.06 hereofgeneral purpose of such Advances);
(zxi) with respect to each loan group, the number and aggregate principal balance of any Mortgage Loans that were (A) delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2) two scheduled payments are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period;
(xii) the 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 was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiv) with respect to each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in effect;
(xv) the total number and principal balance of any real estate owned, or REO Properties, as of the end of the 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;
(xx) the Interest Distribution Amount in respect of the Class A Certificates, the Mezzanine Certificates and the Principal 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;
(aaxxiii) the Reimbursement Overcollateralization Increase Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ffxxiv) the Basis Risk ShortfallOvercollateralization Reduction Amount, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxxv) the amount of any deposit to the Reserve Fund contemplated by Section 3.25(b);
(xxvi) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxvii) the amount of any withdrawal from deposit to the Reserve Fund pursuant to Section 4.04(a)(II)(ix5.01(c)(7)(vi);
(xxviii) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution DateAggregate Loss Severity Percentage; and
(hhxxix) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances 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 Servicing Advances;
any related Swap Termination Payment payable to the Swap Provider. The Securities Administrator will make such statement (Fand, at its option, any additional files containing the same information in an alternative format) for available each Mortgage Loan which is month to the Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in foreclosureusing the website can be obtained by calling the Securities Administrator’s customer service desk at ▇-▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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 Loan Balance of such Mortgage Loan, the Value amounts shall be expressed as a dollar amount per Single Certificate of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish upon request to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any each Certificateholder within five Business Days after during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Serviceras applicable, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities 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) On each Distribution Date Date, the Trust Securities Administrator shall forward by mail provide or make available, upon request to each Holder of a Class A Certificate Group I Certificate, Ambac and the Certificate Insurer Credit Risk Manager, a statementstatement (each, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, a "Remittance Report") as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, with respect distribution made on such Distribution Date to the Holders of the Group I Certificates of each Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class I-P Certificates allocable to Prepayment Charges;
(cii) the amount of the distribution made on such distributions Distribution Date to the Holders of the Group I Certificates of each Class allocable to interest;
(iii) The aggregate Servicing Fee received by the related Servicer and Master Servicing Fee received by the Master Servicer during the related Due Period with respect to the Group I Loans;
(iv) The number and aggregate Principal Balance of the Group I Loans delinquent 31-60 days, 61-90 days or 91 or more days;
(v) The (A) number and aggregate Principal Balance of Group I Loans with respect to which foreclosure proceedings have been initiated, and (B) number and aggregate Principal Balance of Mortgaged Properties related to the Group I Loans acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting the Trustee's security interest in the Group I Loans;
(vi) The aggregate Principal Balance of the Group I Loans as of the close of business on the last day of the related Prepayment Period;
(vii) The aggregate amount of Principal Prepayments on the Group I Loans made during the related Prepayment Period and the calculation aggregate amount of any Prepayment Charges received in respect thereof;
(dviii) The amount of Realized Losses with respect to the Group I Loans allocable to the Group I Certificates on the related Distribution Date and the cumulative amount of Realized Losses incurred on the Group I Loans and allocated to the Group I Certificates since the Cut-Off Date;
(ix) The amount of interest accrued but not paid to each Class of Group I Certificates entitled to interest since (a) the Aggregate Loan Balance as prior Distribution Date and (b) the Closing Date;
(x) The amount of funds advanced related to the end of Group I Loans by the related Due Servicer and the Master Servicer for such Distribution Date;
(xi) The total amount of Payoffs and Curtailments related to the Group I Loans received during the related Prepayment Period;
(exii) With respect to any Group I Loan that became an REO Property during the preceding calendar month, the loan number of such Group I Loan, the unpaid principal balance and the Scheduled Principal Balance of such Group I Loan;
(xiii) To the extent provided by the related Servicer, the book value of any Group I 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 Distribution Account related to the Group I Loans for such Distribution Date;
(xv) The Certificate Principal Balance of each Class of Class A Certificates Group I Certificates, after giving effect to any payment the distributions and allocations of principal Group I Realized Losses made on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions any reduction thereof allocable due to principal and interestallocations of Group I Realized Losses;
(hxvi) the principal The aggregate amount of each Class A Certificate (based on a Certificate in any Prepayment Interest Shortfalls and Curtailment Shortfalls related to the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Group I Loans for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.20;
(ixvii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the The aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Relief Act Interest Shortfalls deposited in related to the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Group I Loans for such Distribution Date;
(aaxviii) the Reimbursement Amount, if any The Group I Required Overcollateralization Amount and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Group I Credit Enhancement Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ffxix) The Overcollateralization Increase Amount related to the Basis Risk ShortfallGroup I Certificates, if any, for such Distribution Date and Date;
(xx) The Overcollateralization Reduction Amount related to the Unpaid Basis Risk ShortfallsGroup I Certificates, if any, for such Distribution Date;
(xxi) The Net WAC Rate Carryover Amount, if any, for such Distribution Date;
(xxii) The Net WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor on such Distribution Date and any amounts received under the Class I-A-1 Cap Contract;
(xxiii) The respective Pass-Through Rates applicable to each Class of Group I Certificates for such Distribution Date;
(ggxxiv) The amount of any deposit to the Group I Reserve Fund contemplated by Section 3.25;
(xxv) The balance of the Group I Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the ;
(xxvi) The amount of any withdrawal from the Group I Reserve Fund pursuant to the last paragraph of Section 4.04(a)(II)(ix4.1(a)(iii);
(xxvii) and the The balance of the Group I Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hhxxviii) The amount of any Guaranteed Distribution paid on such Distribution Date, the amount of any Reimbursement Amount paid to Ambac on such Distribution Date pursuant to Section 4.1(a)(iii)(B) and the amount of any Reimbursement Amount remaining after giving effect to any such payments to Ambac.
(b) On each Distribution Date, the Securities Administrator shall provide or make available, upon request to each Holder of a Group II Certificate and the Credit Risk Manager, a statement (each, a "Remittance Report") as to the distributions made on such Distribution Date setting forth:
(i) the amount distributed of the distribution made on such Distribution Date to the Holders of the Group II Certificates of each Class R Certificateholders. Items (a), (b), (c) allocable to principal and (e) above shall also be presented the amount of the distribution made on the basis of a certificate having a $1,000 denomination. In addition, on each such Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant Holders of the Class II-P Certificates allocable to Section 4.06 hereof upon which Prepayment Charges;
(ii) the Trust Administrator may conclusively rely without independent verification:amount of the distribution made on such Distribution Date to the Holders of the Group II Certificates of each Class allocable to interest;
(iii) The aggregate Servicing Fee received by the related 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 II Loans delinquent 31-60 days, 61-90 days or 91 or more days;
(v) The (A) the number ofand aggregate Principal Balance of Group II Loans with respect to which foreclosure proceedings have been initiated, and (B) number and aggregate Loan Balances Principal Balance of Mortgaged Properties related to the Group II Loans acquired through foreclosure, deed in lieu of foreclosure or other exercise of rights respecting the Trustee's security interest in the Group II Loans;
(including the percent vi) The aggregate Principal Balance of the aggregate Loan Balances of such Mortgage Group II Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), as of the close of business on the last day of the calendar month next preceding such related Prepayment Period;
(vii) The aggregate amount of Principal Prepayments on the Group II Loans made during the related Prepayment Period and the aggregate amount of any Prepayment Charges received in respect thereof;
(viii) The amount of Realized Losses with respect to the Group II Loans allocable to the Group II Certificates on the related Distribution Date and the aggregate Loan Balances cumulative amount of all Mortgage Realized Losses incurred on the Group II Loans as of such dateand allocated to the Group II Certificates since the Cut-Off Date;
(Bix) The amount of interest accrued but not paid to each Class of Group II Certificates entitled to interest since (a) the number of, prior Distribution Date and aggregate Loan Balances of, all Mortgage (b) the Closing Date;
(x) The amount of funds advanced related to the Group II Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) by the related Servicer and the percent Master Servicer for such Distribution Date;
(xi) The total amount of Payoffs and Curtailments related to the aggregate Group II Loans received during the related Prepayment Period;
(xii) With respect to any Group II Loan Balances that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loans to Group II Loan, the aggregate Loan Balances unpaid principal balance and the Scheduled Principal Balance of all Mortgage Loanssuch Group II Loan;
(xiii) To the extent provided by the related Servicer, all the book value of any Group II REO Property as of the close of business on the last day Business Day of the calendar month next preceding the Distribution Date;
(xiv) The aggregate amount of extraordinary Trust Fund expenses withdrawn from the Distribution Account related to the Group II Loans for such Distribution Date;
(Cxv) The Certificate Principal Balance of each Class of Group II Certificates, after giving effect to the number ofdistributions and allocations of Group II Realized Losses made on such Distribution Date, separately identifying any reduction thereof due to allocations of Group II Realized Losses;
(xvi) The aggregate amount of any Prepayment Interest Shortfalls and Curtailment Shortfalls related to the Group II Loans 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 Relief Act Interest Shortfalls related to the Group II Loans for such Distribution Date.
(xviii) The Group II Required Overcollateralization Amount and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding Group II Credit Enhancement Percentage for such Distribution Date;
(Dxix) the number of REO Properties, the Aggregate Loan Balance of the The Overcollateralization Increase Amount related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage LoansGroup II Certificates, all as of the close of business on the last day of the calendar month next preceding if any, for such Distribution Date;
(Exx) The Overcollateralization Reduction Amount related to the Group II Certificates, if any, for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing AdvancesDistribution Date;
(Fxxi) The Net WAC Rate Carryover Amount, if any, for each Mortgage Loan which is in foreclosuresuch Distribution Date;
(xxii) The Net WAC Rate Carryover Amount, the Loan Balance of such Mortgage Loanif any, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio outstanding after reimbursements therefor on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and any amounts received under the Cap Contracts (other than the Class I-A-1 Cap Contract);
(xxiii) The respective Pass-Through Rates applicable to each Class of Group II Certificates for such Distribution Date;
(xxiv) The amount of any deposit to the Group II Reserve Fund contemplated by Section 3.25;
(xxv) The balance of the Group II Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date;
(xxvi) The amount of any withdrawal from the Group II Reserve Fund pursuant to the last paid-to- date, basedparagraph of Section 4.3(a)(iii); and
(Gxxvii) the principal The balance of the Group II Reserve Fund after all deposits and withdrawals on such Distribution Date.
(c) The Securities Administrator shall make such statements (and, at its option, any additional files containing the same information in an alternative format) in one report available each Mortgage Loan month to both the Certificateholders of the Group I Certificates and the Certificateholders of the Group II Certificates, the Trustee, Ambac and the Rating Agencies via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at ▇-▇▇▇-▇▇▇-▇▇▇▇. Parties that was modified or extended are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. In the case of information furnished pursuant to Section 2.10 or 3.01 hereofsubclauses (a)(i), (b)(i), (a)(ii) 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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Regular Interest Certificate a statement containing the information set forth in subclauses (aa)(i), (b)(i), (a)(ii) through and (cb)(ii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any Certificateholder within five Business Days after each Certificateholder, during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; Certificateholder in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Loan Trust Series 2004-3)
Statements to Certificateholders. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer Company a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates to the extent applicable:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of such Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions allocable distribution to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the such Class P of Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation amount of interest allocable to the Class A-3 Certificates and added to the Certificate Principal Balance thereof;
(diii) if the Aggregate Loan Balance as 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 end of the related Due Periodshortfall;
(eiv) the amount of any Advance by the Servicer pursuant to SECTION 4.04;
(v) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(vi) the Certificate Principal Balance of each Class of Certificates and each of the Senior, Class A Certificates M and Class B Percentages, after giving effect to the amounts distributed on such Distribution Date, separately identifying any payment 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) 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 months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(fxi) the amount Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of any Insured Payment included in the amounts distributed to the Holders close of Offered Certificates business on such Distribution DateDate and a description of any change in the calculation of such amounts;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eexii) the Pass-Through Rate for on the Class A A-5 Certificates for such Distribution Date;
(ffxiii) the Basis Risk Shortfall, if any, occurrence of the Credit Support Depletion Date;
(xiv) the Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(ggxvi) the balance aggregate amount of the Reserve Fund prior to the deposit or withdrawal of any amounts on Realized Losses for such Distribution Date, ;
(xvii) the aggregate amount of any withdrawal recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xviii) the Reserve Fund pursuant weighted average remaining term to Section 4.04(a)(II)(ix) and the balance maturity of the Reserve Fund Mortgage Loans after all deposits and withdrawals giving effect to the amounts distributed on such Distribution Date; and
(hhxix) the amount distributed weighted average Mortgage Rates of the Mortgage Loans after giving effect to the Class R Certificateholdersamounts distributed on such Distribution Date. Items In the case of information furnished pursuant to CLAUSES (a), (b), (cI) and (eII) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided addition to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans statement PROVIDED to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately Trustee as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the information set forth in subclauses (a) through (c) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificatethis SECTION 4.03(A), the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) shall PROVIDE to any manager of a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution Date, and a report trust fund consisting of some or all of the amountsCertificates, if anyupon reasonable request, actually distributed with respect such additional information as is reasonably obtainable by the Servicer at no additional expense to the Class R Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Taconic Asset Acceptance Company, L.L.C.)
Statements to Certificateholders. On each (a) Prior to the Distribution Date the Trust Administrator shall forward by mail to in each Holder of a Class A Certificate and the Certificate Insurer a statementmonth, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as information provided to the distributions made Trustee on the Servicer's Certificates delivered to the Trustee pursuant to Section 4.01, the Trustee shall determine the following information with respect to such Distribution Date, setting forth the following information:
(ai) for each Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal Liquidation Proceeds included therein; ;
(ii) for each 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, the Class CB-3 Accrual Distribution Amount and the Class NC-2 Accrual Distribution Amount;
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the distribution made on such Distribution Date to shortfall and the Holders of the Class P Certificates allocable to Prepayment Chargesallocation thereof as between principal and interest;
(civ) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment the distribution of principal on such Distribution Date;
(fv) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to the Holders of Offered Certificates on such following Distribution Date;
(gvi) the Insured Distribution Amount Class CB-4 Priority Percentage, the Class NC-3 Priority Percentage, the Senior Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Loan Group and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Percentage for the following Distribution Date and the Total Senior Percentage and Aggregate Subordinate Percentage for the following Distribution Date;
(ivii) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) Servicer with respect to each Loan Group and such Distribution Date and, if applicable, the amount of Administrative the Supplemental Servicing Fee paid payable to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Servicer with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for such Distribution Date;
(aa) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(eeviii) the Pass-Through Rate for the each such Class A of Certificates for (or Component) with respect to such Distribution Date;
(ffix) for each Loan Group, the Basis Risk Shortfall, if any, for amount of Periodic Advances included in the distribution on such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, aggregate amount of Periodic Advances outstanding after reimbursements therefor as of the close of business on such Distribution Date;
(ggx) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Datefor each Loan Group, the amount number and aggregate principal amounts of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
Mortgage Loans (A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and bankruptcy but which shall exclude REO Properties (4) 91 or more days and shall, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 dateDate;
(Bxi) the number offor each Loan Group, and aggregate Loan Balances of, all Mortgage Loans in foreclosure proceedings (other than with respect to any Mortgage Loans described in clause (C) below) Loan that became an REO Property during the preceding calendar month, the loan number and the percent of the aggregate Loan Balances Stated Principal Balance 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 Determination Date preceding such Distribution DateDate and the date of acquisition thereof;
(Cxii) the number of, and the Aggregate for each Loan Balance ofGroup, the Mortgage Loans in bankruptcy proceedings total number and the percent principal balance of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loansany REO Properties (and market value, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Dxiii) the number of REO Propertiesfor each Group, the Aggregate Loan Balance of the related Mortgage Loans, Senior Prepayment Percentage and the percent Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the preceding calendar month next preceding and for each Group, any Class PO Deferred Amounts for such Distribution Date;
(Exv) for each Mortgage Loan which is an REO Propertythe Class CB-6 Notional Amount, the Loan Balance of such Mortgage LoanClass CB-7 Notional Amount, the loan number of such Mortgage LoanClass CB-WIO Notional Amount, the Value of the Mortgaged PropertyClass 1-SES Notional Amount, the value established by any new appraisalClass NC-5 Notional Amount, the estimated cost of disposing of the Mortgage Loan Class NC-WIO Notional Amount and the amount of any unreimbursed Delinquency Advances and Servicing AdvancesClass 2-SES Notional Amount for such Distribution Date;
(Fxvi) the Class SES Distributable Amount for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, basedDate; and
(Gxvii) the principal balance 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 Certificates, shall make available to each Holder of a Certificate, each Mortgage Loan that was modified or extended 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), (ii) and (ix) of Section 2.10 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 3.01 hereofsuch 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". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ee's customer service desk at (301) 815-6600. Parties that are unable to use the website are entitled ▇▇ ▇▇▇▇ ▇ ▇▇▇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 (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator Trustee shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (ai) through and (cii) aboveof 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 Trust Administrator Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Trustee pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator The Trustee shall forward deliver to the Certificate InsurerHolders 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 DepositorHolders of Certificates, and the TrusteeTrustee shall prepare and provide to the Certificateholders (by mail, each Holder of a Class R Certificatetelephone, or publication as may be permitted by applicable Treasury Regulations) such other reasonable information as the Servicer Trustee deems necessary or appropriate or is required by the Code, Treasury Regulations, and Bloomberg (at 499 Park Avenuethe REMIC Provisions including, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇but not limited to, (▇▇▇i) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ information to be reported to the Class A Certificateholders on such Distribution Date, and a report Holders of the amounts, if any, actually distributed with respect Residual Certificates for quarterly notices on Schedule Q (Form 1066) (which information shall be forwarded to the Class R Holders of the Residual Certificates on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Administrator otherwise sends to some other Person pursuant to this Agreement (excludingTrustee in its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Trustee periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Sec Inc Alternative Loan Tr 2003-2)
Statements to Certificateholders. On each Distribution Date Date, the Trust Securities Administrator (based on the information set forth in the Servicer Reports for such Distribution Date, information provided by the Swap Provider under the Certificate Swap Agreements with respect to payments made pursuant to the Certificate Swap Agreements, information provided by the Class 2-A-1-2 Certificate Swap Provider under the Class 2-A-1-2 Certificate Swap Agreement and information provided by the Class 2-A-1-6 Certificate Swap Provider under the Class 2-A-1-6 Certificate Swap Agreement) shall forward by mail make available to each Holder of a Class A Certificate the Certificates, the Servicers and the Certificate Insurer Credit Risk Manager, a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, applicable Interest Accrual Periods and general Distribution Dates;
(ii) with respect to each loan group, the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; total cash flows received and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation general sources thereof;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by the end of Servicer during the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(liv) the amount, if any, of Realized Losses for other fees or expenses accrued and paid, with an identification of the previous calendar monthpayee and the general purpose of such fees;
(mv) with respect to each loan group, the amount of the related distribution to Holders of the Certificates (by Class) allocable to principal, separately identifying (A) the Overcollateralized aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) any Overcollateralization Increase Amount after giving effect to all distributions on such Distribution Dateincluded therein;
(nvi) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to each loan group, the preceding monthamount of such distribution to Holders of the Certificates (by Class) allocable to interest and the portion thereof, if any, provided by the Swap Agreement;
(ovii) with respect to each loan group, the Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for the related Certificates (if any);
(viii) the aggregate amount of Advances included in the distributions on the Distribution Date (including the general purpose of such Advances);
(ix) with respect to each loan group, the number and aggregate principal balance of any Mortgage Loans (not including any Liquidated Mortgage Loans as of the end of the Prepayment Period) that were delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2) two 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 last day related Due Date;
(xi) with respect to each loan group and any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Due Prepayment Period;
(pxii) the current weighted average total number and principal balance of any real estate owned, or REO Properties, as of the remaining terms end of the Mortgage Loansrelated Prepayment Period;
(qxiii) with respect to each loan group, whether the amount of Servicing Fee paid to or retained by the ServicerStepdown Date has occurred and whether Trigger Event is in effect;
(rxiv) with respect to each loan group, the amount cumulative Realized Losses through the end of Administrative Fee paid to the Trustee and the Trust Administratorpreceding month;
(sxv) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding 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 Delinquency Advances 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 aggregate amount denominator of Nonrecoverable Delinquency Advances with respect which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xix) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(txx) the number Interest Distribution Amount in respect of Mortgage Loans outstandingthe Class A Certificates, the Mezzanine Certificates and the 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;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxxi) the aggregate amount of payments in respect of any Prepayment Interest Shortfalls deposited in Shortfall for such Distribution Date, to the Collection Account extent not covered by payments by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof3.22 of this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(yxxii) the Remittance Report (as defined in Section 4.06 hereof);
(z) the aggregate amount of Relief Act Interest Distribution Amount and the Principal Distribution Amount Shortfalls for such Distribution Date;
(aaxxiii) the Reimbursement Amount, if any and the amountamount of, if any, allocable to principal, the amount allocable to interest of Net Monthly Excess Cashflow or excess spread and the amount allocable to other amounts due under the Insurance Agreementapplication of such Net Monthly Excess Cashflow;
(bbxxiv) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated Required Overcollateralization Amount and the Rolling Delinquency Percentage and the Annual Loss Credit Enhancement Percentage for the current such Distribution Date;
(ccxxv) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which Overcollateralization Increase Amount, if any, for such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Distribution Date;
(eexxvi) the Overcollateralization Reduction Amount, if any, for such Distribution Date;
(xxvii) the Pass-Through Rate for the each Class A of Certificates for such Distribution Date;
(ffxxviii) the Basis Risk Shortfall, if any, for such Distribution Date and amount of any deposit to the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution DateReserve Fund contemplated by Section 3.24(b);
(ggxxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxx) the amount of any withdrawal from deposit to the Reserve Fund pursuant to Section 4.04(a)(II)(ix5.01(c)(7)(v);
(xxxi) [Reserved];
(xxxii) the Aggregate Loss Severity Percentage;
(xxxiii) with respect to each loan group, the amount of the Prepayment Charges remitted by the 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 and any related Swap Termination Payment payable to the Swap Provider;
(xxxv) the amount of any payment payable to the Class 2-A-1-2 Supplemental Interest Trust, any related payment payable to the Class 2-A-1-2 Certificate Swap Provider, any swap termination payment payable to the Class 2-A-1-2 Supplemental Interest Trust and any related swap termination payment payable to the Class 2-A-1-2 Certificate Swap Provider pursuant to the Class 2-A-1-2 Certificate Swap Agreement;
(xxxvi) the amount of any payment payable to the Class 2-A-1-6 Supplemental Interest Trust, any related payment payable to the Class 2-A-1-6 Certificate Swap Provider, any swap termination payment payable to the Class 2-A-1-6 Supplemental Interest Trust and any related swap termination payment payable to the Class 2-A-1-6 Certificate Swap Provider pursuant to the Class 2-A-1-6 Certificate Swap Agreement;
(xxxvii) the balance of the Excess Spread Reserve Fund after all Account on such Distribution Date prior to any deposits or withdrawal of any amounts on such Distribution Date;
(xxxviii) the amount deposited in the Excess Spread Reserve Account on such Distribution Date pursuant to Section 5.01(g);
(xxxix) the amount of withdrawn from the Excess Spread Reserve Account on such Distribution Date;
(xl) the amount of any payment made by the Interest Rate Floor Provider on such Distribution Date on deposit in the Supplemental Interest Trust;
(xli) 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 Pre-Funding Account following such Distribution Date, and withdrawals on the amount withdrawn from the Pre-Funding Account and used to buy Subsequent Mortgage Loans prior to such Distribution Date; and
(hhxlii) for the amount distribution occurring on the Distribution Date immediately following the end of the Pre-Funding Period, the balance 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 and/or Subsequent Group II Mortgage Loans, as applicable, and that is being distributed to the related Class R CertificateholdersA Certificates as a mandatory distribution of principal, if any, on such Distribution Date. Items The Securities Administrator will make such statement (a)and, at its option, any additional files containing the same information in an alternative format) available each month to the Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 1-866-846-4526. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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 (b), (ci) and (eii) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per Single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish upon request to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any the NIMS Insurer and Certificateholder within five Business Days after during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities Administrator and Bloomberg.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1)
Statements to Certificateholders. On each Distribution Date Date, the Trust Securities Administrator (based on the information set forth in the Servicer Reports for such Distribution Date, information provided by the Swap Provider under the Swap Agreement with respect to payments made pursuant to the Swap Agreement and information provided by the Cap Counterparty with respect to payments made pursuant to the Cap Contracts) shall forward by mail make available to each Holder of a Class A Certificate the Certificates, the Servicer and the Certificate Insurer Credit Risk Manager, a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, statement as to the distributions made on such Distribution Date, Date setting forth the following informationforth:
(ai) the amount of the distributions, separately identified, applicable Interest Accrual Periods and general Distribution Dates;
(ii) with respect to each loan group, the Class A Certificates;
(b) the amount of such distributions allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; total cash flows received and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(c) the amount of such distributions allocable to interest and the calculation general sources thereof;
(diii) the Aggregate Loan Balance as of aggregate Servicing Fee received by the end of Servicer during the related Due Period;
(e) the Certificate Principal Balance of each Class of Class A Certificates after giving effect to any payment of principal on such Distribution Date;
(f) the amount of any Insured Payment included in the amounts distributed to the Holders of Offered Certificates on such Distribution Date;
(g) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(liv) the amount, if any, of Realized Losses for other fees or expenses accrued and paid, with an identification of the previous calendar monthpayee and the general purpose of such fees;
(mv) with respect to each loan group, the amount of the related distribution to Holders of the Certificates (by class) allocable to principal, separately identifying (A) the Overcollateralized aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) any Overcollateralization Increase Amount after giving effect to all distributions on such Distribution Dateincluded therein;
(nvi) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to each loan group, the preceding monthamount of such distribution to Holders of the Certificates (by class) allocable to interest and the portion thereof, if any, provided by the Swap Agreement;
(ovii) with respect to each loan group, the Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for the related Certificates (if any);
(viii) the aggregate amount of Advances included in the distributions on the Distribution Date (including the general purpose of such Advances);
(ix) with respect to each loan group, the number and aggregate principal 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) using the “OTS” method (1) one scheduled payment is delinquent, (2) two 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 last day related Due Date;
(xi) with respect to each loan group and any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Due Prepayment Period;
(pxii) the current weighted average total number and principal balance of any real estate owned, or REO Properties, as of the remaining terms end of the Mortgage Loansrelated Prepayment Period;
(qxiii) with respect to each loan group, whether the amount of Servicing Fee paid to or retained by the ServicerStepdown Date has occurred and whether Trigger Event is in effect;
(rxiv) with respect to each loan group, the amount cumulative Realized Losses through the end of Administrative Fee paid to the Trustee and the Trust Administratorpreceding month;
(sxv) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding 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 Delinquency Advances 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 aggregate amount denominator of Nonrecoverable Delinquency Advances with respect which is the Scheduled Principal Balances of all of the Mortgage Loans in such loan group;
(xix) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(txx) the number Interest Distribution Amount in respect of Mortgage Loans outstandingthe Class A Certificates, the Mezzanine Certificates and the 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;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(xxxi) the aggregate amount of payments in respect of any Prepayment Interest Shortfalls deposited in Shortfall for such Distribution Date, to the Collection Account extent not covered by payments by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof3.22 of this Agreement, the Master Servicer pursuant to Section 4.19 of this Agreement;
(yxxii) the Remittance Report (as defined in Section 4.06 hereof);
(z) the aggregate amount of Relief Act Interest Distribution Amount and the Principal Distribution Amount Shortfalls for such Distribution Date;
(aaxxiii) the Reimbursement Amount, if any and the amountamount of, if any, allocable to principal, the amount allocable to interest of Net Monthly Excess Cashflow or excess spread and the amount allocable to other amounts due under the Insurance Agreementapplication of such Net Monthly Excess Cashflow;
(bbxxiv) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated Required Overcollateralization Amount and the Rolling Delinquency Percentage and the Annual Loss Credit Enhancement Percentage for the current such Distribution Date;
(ccxxv) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which Overcollateralization Increase Amount, if any, for such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Distribution Date;
(eexxvi) the Overcollateralization Reduction Amount, if any, for such Distribution Date;
(xxvii) the Pass-Through Rate for the Class A each class of Certificates for such Distribution Date;
(ffxxviii) the Basis Risk Shortfall, if any, for such Distribution Date and amount of any deposit to the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution DateReserve Fund contemplated by Section 3.24(b);
(ggxxix) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, ;
(xxx) the amount of any withdrawal from deposit to the Reserve Fund pursuant to Section 4.04(a)(II)(ix5.01(c)(7)(vi);
(xxxi) and the balance Loss Severity Percentage with respect to each Mortgage Loan;
(xxxii) the Aggregate Loss Severity Percentage;
(xxxiii) with respect to each loan group, the amount of the Reserve Fund after all deposits Prepayment Charges remitted by the 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 and withdrawals on such Distribution Dateany related Swap Termination Payment payable to the Swap Provider; and
(hhxxxv) the amount distributed amounts received under the Cap Contracts. The Securities Administrator will make such statement (and, at its option, any additional files containing the same information in an alternative format) available each month to the Class R CertificateholdersCertificateholders and the Rating Agencies via the Securities Administrator’s internet website. Items The Securities Administrator’s internet website shall initially be located at http:\\▇▇▇.▇▇▇▇▇▇▇.▇▇▇ and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at ▇-▇▇▇-▇▇▇-▇▇▇▇. Parties that are unable to use the 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 Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the 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), (b), (ci) and (eii) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances (including the percent amounts shall be expressed as a dollar amount per Single Certificate of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereofrelevant Class. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Holder of a Class A Regular Certificate a statement containing the information set forth in subclauses (ai) through (ciii) above, aggregated for such calendar year or applicable portion thereof during which such Person person was a Certificateholder. Such obligation of the Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time are in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Securities Administrator shall furnish upon request to any each Person who at any time during the calendar year was a Holder of a Class R Residual Certificate a statement containing setting forth the information provided pursuant amount, if any, actually distributed with respect to the previous paragraph Residual Certificates, as appropriate, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Trust Securities Administrator shall, upon written request, forward furnish to any each Certificateholder within five Business Days after during the furnishing term of this Agreement, such periodic, special, or receipt thereof by the Trusteeother reports or information, whether or not provided for herein, as the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator shall be reasonable with respect to the Certificate InsurerCertificateholder, the Serviceras applicable, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished otherwise with respect to the Trust Administrator by the Certificate Insurerpurposes of this Agreement, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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 the case of clause (iii), all such Certificateholder is not otherwise receiving; provided, however, that any such documents reports or information requested under clause (iii) shall to be provided at the expense of the requesting Certificateholder; , in accordance with such reasonable and provided, further, that explicit instructions and directions as the Trust Certificateholder may provide. On each Distribution Date the Securities Administrator shall not be required 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 provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requestSecurities 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. On (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trust Administrator Master Servicer shall forward to the Trustee and the Trustee shall forward by mail to each Holder of a Class A Certificate and the Certificate Insurer Company a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, statement setting forth the following informationinformation as to each Class of Certificates to the extent applicable:
(a) the amount of the distributions, separately identified, with respect such distribution to the Certificateholders of such Class A Certificatesapplied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(bii) the amount of such distributions distribution to Holders of such Class of Certificates allocable to principalinterest; NY1-214364.4 93
(iii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, separately identifying the aggregate amount of any Principal Prepayments and monthly scheduled payments of principal or other recoveries of principal included therein; and the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Chargesshortfall;
(civ) the amount of such distributions allocable any Advance by the Master Servicer pursuant to interest and the calculation thereofSection 4.04;
(dv) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Certificate number and Pool Stated Principal Balance of each Class of Class A Certificates the Mortgage Loans after giving effect to any payment the distribution of principal on such Distribution Date;
(fvi) the amount aggregate Certificate Principal Balance of any Insured Payment included in 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) 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 months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the Holders of Offered Certificates distribution made on such Distribution Date;
(gxi) the Insured Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Amount Date and a description of any change in the calculation of such amounts;
(xii) the weighted average Pool Strip Rate for such Distribution DateDate and the Pass-Through Rate with respect to the Class A-11 Certificates and each Subclass, separately identifying the portions thereof allocable to principal and interestif any, thereof;
(hxiii) the principal amount of Class A-11 Notional Amount and each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Distribution Date;
(i) the amount of any OC Release A-11 Subclass Notional Amount;
(jxiv) the amount occurrence of any Available Funds Shortfallthe Credit Support Depletion Date and the Accretion Termination Date; NY1-214364.4 94
(xv) the Senior Accelerated Distribution Percentage applicable to such distribution;
(kxvi) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances with respect to such Distribution Date;
(t) the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) the amount of cumulative Realized Losses and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer on the related Servicer Remittance Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount Senior Percentage for such Distribution Date;
(aaxvii) the Reimbursement Amount, if any and the amount, if any, allocable to principal, the amount allocable to interest and the amount allocable to other amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the aggregate amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates Realized Losses for such Distribution Date;
(ffxviii) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor aggregate amount of any recoveries on such Distribution Datepreviously foreclosed loans from Sellers due to a breach of representation or warranty;
(ggxix) the balance weighted average remaining term to maturity of the Reserve Fund prior Mortgage Loans after giving effect to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals distributed on such Distribution Date; and
(hhxx) the amount distributed weighted average Mortgage Rates of the Mortgage Loans after giving effect to the Class R Certificateholdersamounts distributed on such Distribution Date. Items In the case of information furnished pursuant to clauses (a), (b), (ci) and (eii) above above, the amounts shall also be presented on the basis of expressed as a certificate having dollar amount per Certificate with a $1,000 denomination. In addition, on each Distribution Date addition to the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information statement provided to the Trust Administrator pursuant Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to Section 4.06 hereof any manager of a trust fund consisting of some or all of the Certificates, upon which reasonable request, such additional information as is reasonably obtainable by the Trust Administrator may conclusively rely without independent verification:Master Servicer at no additional expense to the Master Servicer.
(Ab) the number of, and aggregate Loan Balances (including the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure and bankruptcy but which shall exclude REO Properties and shall, in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category), 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) 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;
(C) the number of, and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(D) the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and the last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator 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 a the Holder of a Certificate, other than a Class A Certificate R Certificate, a statement containing the information set forth in subclauses clauses (i) and (ii) of subsection (a) through (c) above, above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator Master Servicer pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust Administrator shall forward to the Certificate Insurer, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg Code.
(at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇c) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator Master Servicer shall furnish prepare, or cause to any be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was a the Holder of a Class R Certificate Certificate, a statement containing the applicable distribution information provided pursuant to the previous paragraph this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a CertificateholderClass R Certificate. The Trust Administrator shall, upon written request, forward Such obligation of the Master Servicer NY1-214364.4 95 shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any Certificateholder within five Business Days after requirements of the furnishing or receipt thereof by Code.
(d) Upon the Trusteewritten request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, shall provide the case may be, copies of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other requesting Certificateholder with such information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies as is necessary and (iii) anything requested in writing by any Certificateholder which the Trust Administrator 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) whichappropriate, in the case Master Servicer's sole discretion, for purposes of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested satisfying applicable reporting requirements under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon request.Rule 144A.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. On each (a) (i) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01 and with respect to subsections (V) and (W) below, after consultation with the Depositor, the Securities Administrator shall forward by mail to each Holder of a Class A Certificate and determine the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as following information with respect to the distributions made on Shifting Interest Certificates and such Distribution Date, setting forth the following information:
(aA) the actual Distribution Date, the related Record Date and the Interest Accrual Period for each Class of Shifting Interest Certificates for such Distribution Date;
(B) for each Shifting Interest Loan Group, the related Pool Distribution Amount;
(C) for each Shifting Interest Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(D) for each Shifting Interest Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(E) if the distribution to the Holders of such Class of Shifting Interest Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cF) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Shifting Interest Certificates before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fG) for each Shifting Interest Loan Group, the amount aggregate Stated Principal Balance of any Insured Payment included the Mortgage Loans in such Loan Group for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on 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;
(gI) the Insured Distribution Amount for such Distribution Date, separately identifying the portions thereof allocable to principal and interest;
(h) the principal amount of each Class A Certificate (based on a Certificate in the original principal amount of $1,000) which will be outstanding Crossed Loan Group Senior Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on Crossed Loan Group Subordinate Percentage for such Distribution Date;
(iJ) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) Servicing Fees paid to or retained by the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect Servicers with respect to all distributions on each Shifting Interest Loan Group and such Distribution Date;
(nK) the total Pass-Through Rate for each such Class of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicer;
(r) the amount of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Shifting Interest Certificates with respect to such Distribution Date;
(tL) with respect to the number of Mortgage Loans outstanding;
(u) the cumulative number and Loan Balances of liquidated Mortgage Loans;
(v) , the amount of cumulative Realized Losses Periodic Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Periodic Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaM) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Shifting Interest Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Shifting Interest Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and bankruptcy but which shall exclude REO Properties and shall91 or more days, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(CN) for each Shifting Interest Loan Group, with respect to any Shifting Interest Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregated Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition of the REO Properties;
(O) 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;
(P) for each Shifting Interest Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month;
(Q) for each Shifting Interest Loan Group, the Reimbursement Amount;
(R) 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;
(T) any material modifications, extensions or waivers to Shifting Interest Mortgage Loan terms, fees, penalties or payments since the Aggregate previous Distribution Date;
(U) for each Shifting Interest Loan Group, the number and aggregate Stated Principal Balance of all Shifting Interest Mortgage Loans, all 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 next preceding such Distribution Date;
(DV) unless such information is otherwise set forth in the number of REO Properties, the Aggregate Loan Balance of the related Mortgage Loans, and the percent of the Aggregate Loan Balance of such Mortgage Loans Form 10-D relating to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(E) for each Mortgage Loan which is an REO Property, the 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 amount of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each Mortgage Loan which is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of the close of business on the last day of the calendar month next preceding such Distribution Date and provided that the last paid-to- dateSecurities Administrator is reasonably able to include such information in the statement, basedmaterial breaches of Shifting Interest Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice; and
(GW) the principal balance of each Mortgage Loan that was modified or extended pursuant to Section 2.10 or 3.01 hereof. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Class A Certificate a statement containing the unless such information is otherwise set forth in subclauses (a) through (c) above, aggregated for the Form 10-D relating to such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date and provided that the Trust Securities Administrator shall forward is reasonably able to include such information in the Certificate Insurerstatement, the Depositor, the Trustee, each Holder of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A 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 Trust Administrator 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 Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing or receipt thereof by the Trustee, as the case may be, copies material breaches of any (i) directions, notices, certificates, opinions or reports furnished hereunder by the Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating Agencies, (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies and (iii) anything requested in writing by any Certificateholder covenants under this Agreement of which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excluding, however, routine items sent to Mortgagors, taxing has knowledge or local property records authorities and similar items) which, in the case of clause (iii), such Certificateholder is not otherwise receiving; provided, however, that any such documents or information requested under clause (iii) shall be at the expense of the requesting Certificateholder; and provided, further, that the Trust Administrator shall not be required to provide any document or information which it is otherwise legally prohibited from providing. The Trustee hereby agrees to disclose the Premium Rate to any Person upon requesthas received written notice.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Statements to Certificateholders. On each (a) Prior to the Distribution Date in each month, based upon the Trust information provided to the Securities Administrator on the Master Servicer's Certificate delivered to the Securities Administrator pursuant to Section 4.01, the Securities Administrator shall forward by mail determine the following information with respect to each Holder of a Class A Certificate and the Certificate Insurer a statement, parts of which shall be based upon Servicer Information and upon which the Trust Administrator shall conclusively rely, without independent verification, as to the distributions made on such Distribution Date, setting forth the following information:
(ai) the actual Distribution Date, the related Record Date, the Rate Determination Date and the Interest Accrual Period for each Class for such Distribution Date;
(ii) for each Loan Group, the related Pool Distribution Amount;
(iii) for each Loan Group, the amount of the distributions, separately identified, with respect to the Class A Certificates;
(b) the amount of such distributions Pool Distribution Amount allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Prepayments, Liquidation Proceeds and monthly scheduled payments of principal or other recoveries of principal components included therein; and ;
(iv) for each Loan Group, the amount of the Pool Distribution Amount allocable to interest, any Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall included in such distribution made on and any remaining Class Unpaid Interest Shortfall and Component Unpaid Interest Shortfall after giving effect to such Distribution Date distribution;
(v) if the distribution to the Holders of such Class of Certificates is less than the Class P Certificates allocable full amount that would be distributable to Prepayment Chargessuch Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;
(cvi) the amount of such distributions allocable to interest and the calculation thereof;
(d) the Aggregate Loan Balance as of the end of the related Due Period;
(e) the Class Certificate Principal Balance of each Class of Class A Certificates and the Component Balance of each Component before and after giving effect to any payment the distribution of principal on such Distribution Date;
(fvii) for each Loan Group, the amount of any Insured Payment included in Pool Stated Principal Balance for the amounts distributed to preceding Distribution Date and the Holders of Offered Certificates on such related Distribution Date;
(gviii) for each Loan Group, (A) the Insured Distribution Amount Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage and the Subordinate Prepayment Percentage for such Distribution Date, separately identifying the portions thereof allocable to principal Date and interest;
(hB) the principal amount of each Class A Certificate (based on a Certificate in Senior Percentage, the original principal amount of $1,000) which will be outstanding Senior Prepayment Percentage, the Subordinate Percentage and the Certificate Principal Balance of each Class of Class A Certificates, in each case after giving effect to any payment of principal on such Subordinate Prepayment Percentage for the following Distribution Date;
(iix) the amount of any OC Release Amount;
(j) the amount of any Available Funds Shortfall;
(k) the Net WAC Cap;
(l) the amount, if any, of Realized Losses for the previous calendar month;
(m) the Overcollateralized Amount after giving effect to all distributions on such Distribution Date;
(n) the total of any Substitution Shortfall Amounts or Purchase Price amounts paid or received by the Servicer with respect to the preceding month;
(o) the weighted average Mortgage Rate of the Mortgage Loans as of the last day of the related Due Period;
(p) the current weighted average of the remaining terms of the Mortgage Loans;
(q) the amount of Servicing Fee paid to or retained by the Servicereach Servicer with respect to each Loan Group and such Distribution Date;
(rx) the amount Pass-Through Rate for each such Class of Administrative Fee paid to the Trustee and the Trust Administrator;
(s) the amount of any Delinquency Advances and Servicing Advances for the related Due Period, the aggregate amount of Delinquency Advances outstanding after giving effect to such Delinquency Advances and the aggregate amount of Nonrecoverable Delinquency Advances Certificates with respect to such Distribution Date;
(txi) the number of Mortgage Loans outstanding;
(u) the cumulative number and for each Loan Balances of liquidated Mortgage Loans;
(v) Group, the amount of cumulative Realized Losses Advances included in the distribution on such Distribution Date and its percentage of the Cut-off Date Pool Balance;
(w) the Cut-off Date Loan Balance of each Mortgage Loan which was modified or extended pursuant to Section 2.11 or 3.07 hereof;
(x) the aggregate amount of payments in respect Advances outstanding as of Prepayment Interest Shortfalls deposited in the Collection Account by the Servicer close of business on the related Servicer Remittance Determination Date pursuant to Section 3.23 hereof;
(y) the Remittance Report (as defined in Section 4.06 hereof);
(z) the Interest Distribution Amount and the Principal Distribution Amount for immediately preceding such Distribution Date;
(aaxii) the Reimbursement Amount, if any and the amount, if any, allocable to principalfor each Loan Group, the amount allocable to interest number and the amount allocable to other aggregate principal amounts due under the Insurance Agreement;
(bb) whether the Step Down Trigger or the Step Up Trigger has occurred and whether the Servicer Termination Test has been violated and the Rolling Delinquency Percentage and the Annual Loss Percentage for the current Distribution Date;
(cc) the amount of payments received under the PMI Policy and the number of Mortgage Loans to which such payments related;
(dd) the dollar amount of claims made under the PMI Policy that were denied during the Due Period and the dollar amount of the cumulative claims made under the PMI Policy denied since the Closing Date;
(ee) the Pass-Through Rate for the Class A Certificates for such Distribution Date;
(ff) the Basis Risk Shortfall, if any, for such Distribution Date and the Unpaid Basis Risk Shortfalls, if any, outstanding after reimbursements therefor on such Distribution Date;
(gg) the balance of the Reserve Fund prior to the deposit or withdrawal of any amounts on such Distribution Date, the amount of any withdrawal from the Reserve Fund pursuant to Section 4.04(a)(II)(ix) and the balance of the Reserve Fund after all deposits and withdrawals on such Distribution Date; and
(hh) the amount distributed to the Class R Certificateholders. Items (a), (b), (c) and (e) above shall also be presented on the basis of a certificate having a $1,000 denomination. In addition, on each Distribution Date the Trust Administrator shall distribute to each Holder, together with the information described above, the following information based solely upon Servicer Information provided to the Trust Administrator pursuant to Section 4.06 hereof upon which the Trust Administrator may conclusively rely without independent verification:
(A) the number of, and aggregate Loan Balances delinquent (including the percent exclusive of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loans) of, Mortgage Loans (i) 30-59 days Delinquent, (ii) 60-89 days Delinquent and (iii) 90 days or more Delinquent (which statistics shall, in each case, include Mortgage Loans in foreclosure or bankruptcy) 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and bankruptcy but which shall exclude REO Properties and shallfor each additional 30-day period thereafter (e.g. 121 to 150 days, 151 to 180 days, etc.) up to foreclosure, (B) in each case, show Mortgage Loans in bankruptcy separately as well as aggregated with other Mortgage Loans in that category)foreclosure, 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 Balances of, all Mortgage Loans in foreclosure proceedings (other than any Mortgage Loans described in clause (C) below) and the percent of the aggregate Loan Balances of such Mortgage Loans to the aggregate Loan Balances of all Mortgage Loansin bankruptcy, all as of the close of business on the last day of the calendar month next preceding such Distribution Date;
(Cxiii) for each Loan Group, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of, of such Mortgage Loans and the Aggregate Loan Balance of, the Mortgage Loans in bankruptcy proceedings and the percent of the Aggregate Loan aggregate Stated Principal Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution DateDate and the date of acquisition of the REO Properties;
(Dxiv) the number of REO Propertiesfor each Loan Group, the Aggregate Loan Balance total number and principal balance of the related Mortgage Loansany REO Properties (and market value, and the percent of the Aggregate Loan Balance of such Mortgage Loans to the Aggregate Loan Balance of all Mortgage Loans, all if available) as of the close of business on the last day of the calendar month next Determination Date preceding such Distribution Date;
(Exv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group or any Class PO Deferred Amounts for such Distribution Date;
(xvi) the Notional Amount for each Class of Interest Only Certificates and the notional amount for each interest only Component for such Distribution Date;
(xvii) for each Loan Group, the Reimbursement Amount;
(xviii) for each Loan Group, the amount of Recoveries, the Class PO Recovery and the Non-PO Recovery;
(xix) for each Loan Group, the number of Mortgage Loans at the beginning and end of the applicable reporting period, and the Net WAC and weighted average remaining term;
(xx) 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 Mortgage Loan representations and warranties of which the Securities Administrator has knowledge or has received written notice; and
(xxi) unless such information is an REO Propertyotherwise 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 Loan Balance Securities Administrator has knowledge or has received written notice. For all purposes of such this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported based on 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 so-called "MBA" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loan and the amount Loans. By way of any unreimbursed Delinquency Advances and Servicing Advances;
(F) for each example, a Mortgage Loan which would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is in foreclosure, the Loan Balance of such Mortgage Loan, the Value of the Mortgaged Property, the Loan-to-Value Ratio and the loan-to-value ratio on the original Value as of not made by the close of business on the last day 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 close of business on the calendar month next preceding Mortgage Loan's second succeeding Due Date.
(b) No later than each Distribution Date, the Securities 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. In the case of information furnished pursuant to clauses (iii) and (iv) of Section 5.04, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Securities Administrator shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Securities Administrator, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04 for such Distribution Date (a "Monthly Statement"). The 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 Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. 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 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 last paid-to- date, based; and
(G) the principal balance of each Mortgage Loan that was modified or extended pursuant Securities Administrator shall provide timely and adequate notification to Section 2.10 or 3.01 hereofall above parties regarding any such changes. Within a reasonable period of time (which shall not be more than 45 days) after the end of each calendar year, the Trust Securities Administrator shall furnish to each Person who at any time during the calendar year was a the Holder of a Class A Certificate Certificate, if requested in writing by such Person, a statement containing the information set forth in subclauses clauses (aiii) through and (civ) aboveof Section 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 Trust Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Securities Administrator pursuant to any requirements of the Code as are from time to time in force. On each Distribution Date the Trust The Securities Administrator shall forward deliver to the Certificate InsurerHolders of Certificates any reports or information the Securities Administrator is required by this Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to the Depositor, the Trustee, each Holder Holders of a Class R Certificate, the Servicer and Bloomberg (at 499 Park Avenue, New York, New York ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇: ▇▇▇ ▇▇▇▇▇▇, (▇▇▇) ▇▇▇-▇843) a copy o▇ ▇▇▇ ▇▇▇▇rt▇ ▇▇▇▇▇▇▇▇▇ ▇▇ the Class A Certificateholders on such Distribution DateCertificates, and a report of the amounts, if any, actually distributed with respect Securities Administrator shall prepare and provide to the Class R Certificates on Certificateholders (by mail, telephone, or publication as may be permitted by applicable Treasury Regulations) such Distribution Date. Within a other reasonable period of time after information as the end of each calendar year, the Trust Securities Administrator 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 deems necessary or applicable portion thereof during which such Person was a Certificateholder. The Trust Administrator shall, upon written request, forward to any Certificateholder within five Business Days after the furnishing appropriate or receipt thereof is required by the TrusteeCode, as Treasury Regulations, and the case may beREMIC Provisions including, copies of any but not limited to, (i) directions, notices, certificates, opinions or reports furnished hereunder 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 Trust Administrator to the Certificate Insurer, the Servicer, the Trustee, the Depositor or the Rating AgenciesSecurities Administrator), (ii) directions, notices, certificates, reports, opinions or any other information or document furnished to be provided to the Trust Administrator by the Certificate Insurer, the Trustee, the Servicer, the Depositor or the Rating Agencies Holders of Certificates with respect to amounts which should be included as interest and original issue discount in such Holders' gross income and (iii) anything requested information to be provided to all Holders of Certificates setting forth the percentage of each REMIC's assets, determined in writing accordance with Treasury Regulations using a convention, not inconsistent with Treasury Regulations, selected by any Certificateholder which the Trust Securities Administrator otherwise sends to some other Person pursuant to this Agreement (excludingin its absolute discretion, howeverthat constitute real estate assets under Section 856 of the Code, routine items sent to Mortgagors, taxing or local property records authorities and similar itemsassets described in Section 7701(a)(19)(C) which, in of the case of clause (iii), such Certificateholder is not otherwise receivingCode; provided, however, that any in setting forth the percentage of such documents or information requested under clause (iii) assets of each REMIC created hereunder, nothing contained in this Agreement, including without limitation Section 7.03 hereof, shall be at interpreted to require the expense Securities Administrator periodically to appraise the fair market values of the requesting Certificateholder; and provided, further, that assets of the Trust Administrator shall not be 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 provide any document or information which it is otherwise legally prohibited 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 providing. The Trustee hereby agrees time to disclose the Premium Rate to any Person upon requesttime.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-2 Trust)