Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable: (i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Period; (ii) the amount paid as principal to the Noteholders of each Class of Notes; (iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any; (iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date; (v) [Reserved]; (vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed; (vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof; (viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period; (ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer; (x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date; (xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period; (xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group; (xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date; (xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date; (xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date; (xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period; (xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period; (xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and (xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations. (b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture monthly Servicing Reports in a mutually agreeable electronic format. The Servicing Reports shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and Collections, (c) Substitution Adjustment Amounts for such Collection Periodand (d) Investor P&I Collections;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiia) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period, (b) the Investor Amount, (c) the aggregate Loan Balance of the Mortgage and (d) the aggregate Loan Balance of the Revolving Credit;
(ixiii) with respect to the Revolving Credit Loans, the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(xiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvivi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviivii) the number and amount of any increases in the Credit Limits aggregate outstanding principal balance of the three Home Equity Loans during having the largest outstanding principal balances or Credit Limits, as applicable for the related Collection Period;
(xviiiviii) the Group I Overcollateralization number and aggregate outstanding principal balances of the Home Equity Loans which are 180 or more days delinquent in the payment of all or any portion of the scheduled interest or principal for the related Collection Period;
(ix) the 60+ Delinquency Percentage (Rolling Six Month) for the related Collection Period;
(x) the number and the aggregate Loan Balances of Liquidated Home Equity Loans for the related Collection Period; and
(xi) the number and the aggregate Loan Balances of Home Equity Loans having an outstanding principal balance (or any other amounts owing but otherwise unpaid) as of or following the final maturity date as set forth in the Related Documents respecting such Home Equity Loans. The Indenture Trustee pursuant to Section 3.26 of the Indenture shall prepare its monthly Statement based solely on the information contained in the Servicing Reports and shall make available such statements to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency. The Indenture Trustee may conclusively rely on the correctness of the information contained in the Servicing Reports, without independent verification thereof. The Statements to Securityholders shall contain the information in the Servicing Report and the following information:
(i) the amount of such distribution as principal to the Noteholders;
(ii) the amount of such distribution as interest to the Noteholders, separately stating the portion thereof in respect of overdue accrued interest;
(iii) the amount of any Credit Enhancement Draw Amount, the Group II Overcollateralization Amountif any, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following aggregate amount of prior draws thereunder not yet reimbursed;
(iv) the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Principal Balance thereof;
(v) the weighted average Net Loan Rate for the related Collection Period;
(vi) the Note Balance of each Class of Notes and the Certificate Principal Balance of the Certificates after giving effect to the distribution of principal on such Payment Date; and
(xixvii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, Required Overcollateralization Amount for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing related Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (iii) and (iiiii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If The Indenture Trustee will make the monthly statement (and, at its option, any additional files containing the same information in an Amortization Event or Servicing Default shall occur, on alternative format) available each month to the Business Day following the related Determination DateNoteholders, the Master Servicer shall forward to Certificateholders, and the other parties described in the second preceding paragraph via the Indenture Trustee, 's internet website. The Indenture Trustee's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Indenture Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution options are entitled to have a statement of paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way monthly Statements are distributed in order to make such effect, including distribution more convenient and/or more accessible to the nature of Noteholders and the Certificateholders and the Indenture Trustee shall provide timely and adequate notification to all the Noteholders and the Certificateholders regarding any such Amortization Event or Servicing Defaultchanges. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice a paper copy of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersmonthly statements. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment such Determination Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee Certificate Paying Agent and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Heloc Asset-Backed Notes Series 2003-2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Security Interest CollectionsCollections with respect to the Notes and the Certificates, (b) aggregate Security Principal Collections with respect to the Notes and the Certificates and (c) Substitution Adjustment Amounts Security Collections for such the related Collection PeriodPeriod with respect to the Notes and the Certificates;
(ii) the amount paid as principal of such distribution to the Noteholders Securityholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A the Notes and Loan Group II-B, the amount paid as interest Certificates applied to reduce the Noteholders of each Class of Notes, principal balance thereof and separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Accelerated Principal Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect the amount to be deposited in the payments made Funding Account on such Payment Date;
(v) [Reserved];
(viiii) the amount of any draw on such distribution to the Group I Policy or Securityholders of the Group II Policy Notes and the Certificates allocable to interest and separately stating the portion thereof in respect of overdue accrued interest;
(iv) the Credit Enhancement Draw Amount, if any, for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiiv) the aggregate Loan Principal Balance of (a) the Home Equity Loans in each Loan Group ________ Loans, (b) the ------ Loans, (c) the _________ Loans, as of the end of the preceding Collection PeriodPeriod and (d) all of the Mortgage Loans;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-179 days and 90 180 or more days, respectively, respectively and (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; providedPROVIDED, howeverHOWEVER, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Weighted Average Net Mortgage Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate related Collection Period and the Group II-B Weighted Average Net WAC Mortgage Rate for (a) the ________ Loans, (b) the _______Loans and (c) the _________ Loans for the related Collection Period;
(xiiviii) for the Special Capital Distribution Amount and the Required Special Capital Distribution Amount, in each case as the end of Loan Group I, Loan Group II-A and Loan Group II-B, the related Collection Period; and
(ix) the aggregate amount of Additional Loans acquired during the previous Collection Period with amounts in respect of Net Principal Collections from the Funding Account;
(x) the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation remaining Carryover Loss Distribution Amounts Amount with respect to the NotesNotes and Certificates, respectively, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate sum of (a) the Cut-off Off Date Loan Pool Balance for such Loan Groupand (b) the amount by which the Pool Balance as of the latest date that the Additional Loans have been transferred to the Company exceeds the Cut-Off Date Pool Balance;
(xiiixi) any unpaid interest on the Notes and Certificates, respectively, after such Distribution Date;
(xii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Principal Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for respective Security Percentage applicable to the related Collection Period Notes and the aggregate amount Certificates, after application of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following payments made on such Payment Date; and
(xixxiv) the number and principal amount of release agreements distributed pursuant to Section 3.05(c3.05(a)(xi) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Indenture on such Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, Certificate with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Company, the Owner Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee setting forth (i) all the foregoing information, (ii) the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.03 and (iii) the amounts (A) withdrawn from the Payment Account and deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture and (B) withdrawn from the Funding Account and deposited to the Collection Account pursuant to Section 8.02(c)(i) of the Indenture. The determination deter mination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the IssuerCompany's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer Company that is reasonably available to the Master Servicer to enable the Issuer Company to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Statements to Securityholders. (a) With respect to On each Payment Date, on Distribution Date the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, NoteholderHolder of a Security and to the Seller, the Credit Enhancer, Loan Seller and the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, Master Servicer a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicablesuch distribution setting forth:
(ia) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collectionssuch distribution to the Securityholders of each Class applied to reduce the Security Principal Balance thereof, (b) the aggregate amount included therein representing Principal Collections and Prepayments, (c) Substitution Adjustment Amounts for the Class FXA Prepayment Percentage with respect to the Class FXA Securities, the Class A Prepayment Percentage with respect to the Class A Securities, the Class FXA-2 Prepayment Percentage with respect to the Class FXA-2 Securities, the Class A-4 Prepayment Percentage with respect to the Class A-4 Securities and the Class B Percentage applicable to such Collection Perioddistribution and (d) the aggregate of the Stated Principal Balances of any Mortgage Loans repurchased during the related Prepayment Period (on aggregate basis and on a Loan Group by Loan Group basis);
(ii) the amount paid as principal of such distribution to the Noteholders Securityholders of each such Class of Notesallocable to interest;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of related servicing compensation and the amount of servicing compensation attributable to penalties and fees received by or on behalf of the Master Servicer and any Sub-Servicers with respect to such Distribution Date and such other customary information as interest the Master Servicer deems necessary or desirable and supplies to the Noteholders of each Class of NotesTrustee, separately stating the portion thereof in respect of Prepayment Interest Shortfallsor which a Securityholder reasonably requests, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyto enable Securityholders to prepare their tax returns;
(iv) for each the amount of Advances (other than Servicing Advance), presented in the aggregate and the amount of principal and the amount of interest Advances included in such distribution on such Distribution Date;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans at the close of business on such Distribution Date (on an aggregate basis and on a Loan Group-by-Loan Group I, Loan Group II-A and Loan Group II-Bbasis);
(vi) the Security Principal Balance of a Single Security of such Class, the aggregate Interest Security Principal Balance of the Class FXA-1 Securities, Class FXA-2 Securities, Class FXA-3 Securities, Class FXA-4 Securities, Class FXA-5 Securities, Class FXA-6 Securities, Class FXA-7 Securities, Class FXA-8 Securities, Class A-1 Securities, Class A-2 Securities, Class A-3 Securities, Class A-4 Securities, Class FXP Securities, Class P Securities, Class B-1 Securities, Class B-2 Securities, Class B-3 Securities, Class B-4 Securities, Class B-5 Securities and Class B-6 Securities, respectively, the Notional Amounts for the Class FXS Securities, the Class S Securities and the Class FXA-9 Securities, the Class FXA Percentage, the Class A Percentage, the Class B-1 Percentage, the Class B-2 Percentage, the Class B-3 Percentage, the Class B-4 Percentage, Class B-5 Percentage and the Class B-6 Percentage after giving effect to the amounts distributed on such Distribution Amount remaining unpaidDate separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal (on an aggregate basis and on a Loan Group-by-Loan Group basis);
(vii) the number and aggregate Stated Principal Balance of Mortgage Loans (a) delinquent 31 to 60 days, if any(b) delinquent 61 to 90 days and (c) delinquent 91 days or more (on an aggregate basis and on a Loan Group-by-Loan Group basis) as of the close of business on the Determination Date to which such distribution relates;
(viii) the number and aggregate 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 and (c) delinquent 91 days or more (on an aggregate basis and on a Loan Group-byLoan Group basis) as of the close of business on the Determination Date to which such distribution relates;
(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 and (c) delinquent 91 days or more (on an aggregate basis and on a Loan Group-byLoan Group basis) as of the close of business on the Determination Date to which such distribution relates;
(x) with respect to any Mortgage Loan that became a 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 Distribution Date in such month and the date of acquisition thereof;
(xi) 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;
(xii) the Pass-Through Rate in effect for the preceding calendar month with respect to each Class of Securities (other than the Principal Only Securities and the Residual Securities);
(xiii) the remaining aggregate Security Principal Balance of each Class I Notes and Class II Notesof Securities, after giving effect to the payments distribution made on such Payment Distribution Date;
(vxiv) [Reserved]the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount remaining available immediately after such Distribution Date;
(vixv) the aggregate Realized Losses incurred since the Cut-off Date (on an aggregate basis and on a Loan Group-by-Loan Group basis); and
(xvi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Excess Proceeds distributed to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate Securities and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate remaining balance of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan GroupProceeds Account, the aggregate Special Hazard Lossesif any, Fraud Losseson such Distribution Date, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal distributions made on such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balancedate. In the case of information furnished pursuant to clauses subclauses (ii) and (iiii)-(iii) above, the amounts shall also be expressed as an aggregate a dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with Single Security. Within a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement reasonable period of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Security (IIother than the Class R or Class RP Securities) copies a statement containing the information set forth in subclauses (i)-(iii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Securityholder. Such obligation of all pleadings, other legal process and any other documents relating 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 claims, charges requirements of the Code and complaints involving regulations thereunder as from time to time are in force. On each Distribution Date the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters thatTrustee shall prepare and forward, to the actual knowledge each Holder of a Responsible Officer Class R or Class RP Security a copy of the Indenture Trustee, have been submitted reports forwarded to a vote each of the Holders, Securityholders (other than those matters that have been submitted to the Class R or Class RP Securityholders) on such Distribution Date and a vote of statement setting forth the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability amounts actually distributed with respect to the Master Servicer's failure Class R or Class RP Securities on such Distribution Date. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to properly prepare each Person who at any time during the calendar year was a Holder of a Class R or file such periodic reports resulting from or relating Class RP Security a statement containing the information provided pursuant to the Master Servicer's inability previous paragraph aggregated for such calendar year or failure applicable portion thereof during which such Person was a Class R or Class RP Securityholder. Such obligation of the Trustee shall be deemed to obtain any have been satisfied to the extent that substantially comparable information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed be provided by the senior officer in charge Trustee pursuant to any requirements of the servicing functions of the Master Servicer, Code as from time to time are in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersforce.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Securitization Inc)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date, and (ii) the Indenture Trustee Trust Agent shall include with each distribution to each Certificateholder of record as of the related Record Date, a statement, prepared by the Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇3.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group INotes and the Certificates), Loan Group II-A and Loan Group II-B, separately identifying the aggregate amount included therein of any (ai) Interest Collections, (b) Principal Collections Full Prepayments of principal on Precomputed Contracts and (cii) Substitution Adjustment Amounts for such Collection PeriodFull Prepayments and partial prepayments of principal on Simple Interest Contracts;
(ii) the amount paid as principal of such distribution allocable to the Noteholders of interest (stated separately for each Class of NotesNotes and the Certificates);
(iii) for each the Note Percentage and the Certificate Percentage as of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to close of business on the Noteholders last day of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anysuch Collection Period;
(iv) the Certificate Distributable Amount and the Note Distributable Amount for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest such Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved]the Premium payable to the Insurer;
(vi) the amount of any draw to be on deposit in the Group I Policy or the Group II Policy for Spread Account on such Payment Distribution Date, the amount paid before and after giving effect to the Credit Enhancer deposits thereto and withdrawals therefrom to be made in reimbursement for prior draws and the aggregate amount respect of prior draws under the Policies not yet reimbursedsuch Distribution Date;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of the withdrawal, if any, required to be made from the Spread Account by the Indenture Trustee, specifying as to whether such distribution as principal and interest amount is to be (A) deposited into the Payment Account, (B) paid to the Certificateholders Insurer or (C) deposited into the Certificate Distribution Account for distribution to the holders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofResidual Interests pursuant to Section 4.04(b);
(viii) the aggregate Loan Balance of Servicing Fee with respect to the Home Equity Loans in each Loan Group as of Contracts for the end of the preceding related Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed fees paid to the IssuerOwner Trustee, the Trust Agent and the Indenture Trustee, with respect to the related Collection Period;
(x) for each the amount of Loan Group Iany Note Interest Carryover Shortfall, Loan Group II-A Note Principal Carryover Shortfall, Certificate Interest Carryover Shortfall and Loan Group II-B, Certificate Principal Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the immediately preceding Distribution Date;
(xi) the number of, and aggregate Loan Balances of Home Equity Loans (a) as to amount of, monthly principal and interest payments due on the Contracts which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case delinquent as of the end of the related Collection Period; providedPeriod presented on a 30-day, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes 60-day and Class II Notes, the Group I Net WAC Rate, the Group II90-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Periodday basis;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, Net Collections and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance Policy Claim Amount, if any, for such Loan GroupDistribution Date;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate amount of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;Liquidation Proceeds received for Defaulted Contracts; -52- 57
(xiv) the net credit losses and Cram Down Losses for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to datePeriod;
(xv) the number and net outstanding balance of Contracts for which the Financed Vehicle has been repossessed; and
(xvi) the Pool Balance, the Note Pool Factor for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance Pool Factor as of the related Certificates such Distribution Date after giving effect to the distribution of principal made on such Payment Distribution Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate . Each amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements set forth pursuant to Section 3.05(csubclauses (i) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses or (ii) and (iii) above, the amounts above shall be expressed as an aggregate a dollar amount per Variable Funding Note, Term $1,000.00 of original principal amount of a Note or Certificateoriginal Certificate Balance, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement case may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsbe.
(b) The Master Servicer shall, on behalf Within a reasonable period of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time after the end of each calendar year, (II) copies of all pleadingsbut not later than the latest date permitted by law, other legal process the Servicer shall prepare and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, furnish to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K CertificationIssuer, the Indenture Trustee and each Paying Agent, and the Paying Agent for the Notes and the Paying Agent for the Certificates shall provide furnish to each Person who on any Record Date during such calendar year shall have been a Holder of a Note or a Certificate, respectively, a statement or statements containing the Master Servicer with a back-up certification substantially sum of the amounts set forth in clauses (i) and (ii) above for such calendar year and such other information as is reasonably necessary for the preparation of such Person's federal income tax return in respect of the Notes or Certificates or, in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreementevent such Person shall have been a Holder of a Note or a Certificate during a portion of such calendar year, but without for the Rating Agency confirmations otherwise required by Section 8.01applicable portion of such year, and without for the consent purposes of the Holderssuch Noteholder's or Certificateholder's preparation of federal income tax returns.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Onyx Acceptance Financial Corp)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date and (ii) the Indenture Owner Trustee shall include with each distribution to each Certificateholder of record as of the related Record Date a statement, prepared by the Master Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇4.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodNotes);
(ii) the amount paid as principal of such distribution allocable to interest (stated separately for each Class of Notes);
(iii) the Noteholders of Interest Distributable Amount for each Class of Notes;
(iiiiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest of any Interest Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest immediately preceding Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved]the amount of the Servicing Fee paid to the Master Servicer with respect to the related Collection Period;
(vi) the amount of any draw on Aggregate Net Liquidation Losses for the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedrelated Collection Period;
(vii) for each the aggregate Principal Balance of Loan Group I, Loan Group II-A and Loan Group II-B, Delinquent Contracts as of the amount close of business on the last day of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCollection Period;
(viii) the aggregate Loan Aggregate Principal Balance of the Home Equity Loans in each Loan Group as of the end close of business on the preceding last day of such Collection Period;
(ix) the aggregate principal amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed each Class of Notes as of such Distribution Date, after giving effect to the Issuerpayments allocated to principal reported under clause (i) above;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment DateCertificate Distributable Amount;
(xi) the Note Rate for each Class of Class I Notes and Class II Notesamount on deposit in the Spread Account on such Distribution Date, the Group I Net WAC Rateafter giving effect to distributions made on such Distribution Date, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for change in such balance from the related Collection Periodimmediately preceding Distribution Date;
(xii) for each of Loan Group I, Loan Group II-A the Overcollateralization Amount and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to by which the Notes, and Aggregate Principal Balance exceeds the aggregate Outstanding Amount of the Liquidation Loss Amounts from all Collection Periods Notes (after giving effect to date expressed as dollars and as a percentage any payments made to Holders of the aggregate Cut-off Date Loan Balance for such Loan GroupNotes on that Distribution Date);
(xiii) the aggregate Excess Loss Amounts with respect disposition amounts withdrawn from the Spread Account, including the amounts used to increase the level of overcollateralization to the Group I Loans Overcollateralization Amount, and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to dateSpread Amount, if any, for such Distribution Date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate amount of each of such losses from all Collection Periods to dateNet Collections;
(xv) for each of Loan Group I, Loan Group IIduring the Pre-A and Loan Group II-BFunding Period, the Security Balance of each related Class of Notes and amount, if any, withdrawn from the Certificate Principal Balance of Pre-Funding Account to purchase Subsequent Contracts during the related Certificates after giving effect to the distribution of principal on such Payment Date;Pre-Funding Period; and
(xvi) the aggregate Servicing Fees for the related Collection Period and first Distribution Date immediately following the aggregate amount end of Draws for the Pre-Funding Period, the Remaining Pre-Funding Amount, if any, as of the close of business of the last day of the related Collection Period;
(xvii) the number and . Each amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished set forth pursuant to clauses (i), (ii), (iv) and (iiiv) above, the amounts above shall be expressed in the aggregate and as an aggregate a dollar amount per Variable Funding $1,000.00 original principal amount of a Note.
(b) Within a reasonable period of time after the end of each calendar year, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on but not later than the Business Day following the related Determination Datelatest date permitted by law, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to each Person who at any time during such calendar year shall have been a Holder of a Note a statement or statements, prepared by the Credit Enhancer notice Master Servicer, which in the aggregate contain the sum of the amounts set forth in clauses (i), (ii), (iv) and (v) of above for such calendar year or, in the event such Person shall have been a Holder of a Note during a portion of such Amortization Event or Servicing Defaultcalendar year, includingfor the applicable portion of such year, for the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholderspurposes of such Noteholder's preparation of federal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (WFS Financial 2005-2 Owner Trust)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xi) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xii) the Weighted Average Net Loan Rate for the related Collection Period and the aggregate amount of Draws Mortgage Loans for the related Collection Period;; and
(xviixiii) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Mortgage Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements repurchased pursuant to Section 3.05(c) entered into 3.15 herein during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceCollection Period. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 xx,xxx denomination and per Certificate with a denomination equal to a xxx% Percentage Interest. In the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar amount with a $xxx,xxx,xxx denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Amortization Event or Servicing Default, including, including the nature thereofof such Servicing Default. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially be located at “▇▇▇.▇▇▇▇▇▇▇.▇▇▇”. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service desk at xxx-xxx-xxxx. 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.03 hereof. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's ’s written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master Servicer shall, on behalf of the Depositor and in respect of the TrustTrust Fund, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders Noteholders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and or complaints involving the Indenture Trustee, as indenture trustee hereundertrustee, or the Trust Estate that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the HoldersNoteholders or Certificateholders, other than those matters that have been submitted to a vote of the Holders Noteholders or Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders Noteholders or Certificateholders as required pursuant to this the Indenture or Trust Agreement, as applicable. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's ’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's ’s inability or failure to obtain any information not resulting from the Master Servicer's ’s own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (bSection 4.01(c) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E D-1 hereto or such other form as may be required or permitted by the Commission (the "“Form 10-K Certification"”), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersD-2.
Appears in 1 contract
Sources: Master Servicing Agreement (SG Mortgage Securities, LLC)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make the Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment accrued and unpaid interest, and the amount of any Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyCarry Forward Amount for the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidInsured Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, (minus any Subsequent Net Recovery Amounts) and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Mortgage Loans for the related Collection Period;
(xviixiv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Mortgage Loans repurchased pursuant to Section 3.15 herein during the related such Collection Period;
(xviiixv) Net Liquidation Proceeds, net of any related Foreclosure Profit, for such Collection Period;
(xvi) the Group I Overcollateralization Amountamount, if any, of the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Hedge Payments for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Distribution Date and any shortfall in amounts previously required to be paid under the Group II Required Overcollateralization Amount immediately following Hedge Agreements for prior Distribution Dates
(xvii) the aggregate Subsequent Net Recovery Amounts for such Payment DateCollection Period; and
(xixxviii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. In the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar amount with a $1,000,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Gmacm Home Equity Loan Trust 2005-He2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixviii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(x) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the previous Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Funding Account and Capitalized Interest Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xviixv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and as of the Group II Required Overcollateralization Amount immediately following such Payment Dateend of the preceding Collection Period; and
(xixxvii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Managed Amortization Event, a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Managed Amortization Event, Rapid Amortization Event or Servicing Default, including, in the case of a Rapid Amortization Event or a Servicing Default, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in usi▇▇ ▇▇▇ ▇▇▇▇▇▇▇ can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that are ▇▇▇▇▇▇ ▇▇ ▇▇e 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent Agent, Bear ▇▇▇▇▇▇▇ Capital Markets Inc. and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 89, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note number and aggregate Principal Balance of Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(ix) the Net Loan Rate for each Class of Class I Notes and Class II Notes, the Loan Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiix) for each prior to the second Determination Date following the commencement of Loan Group Ithe Rapid Amortization Period, Loan Group II-A the aggregate amount of Additional Balances created during the previous Collection Period and Loan Group II-B, conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xi) the aggregate Liquidation Loss Amounts with respect to the related Collection PeriodPeriod for each Loan Group, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiixii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Funding Account, Capitalized Interest Account and Reserve Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xviixiv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixv) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, Group as of the Fraud Loss Amount end of the preceding Collection Period; and
(xvi) the aggregate Principal Balance of Subsequent Mortgage Loans transferred to the Trust Estate for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Term Note, Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an a Managed Amortization Event, a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement and the Indenture Trustee, pursuant to Section 3.26 of such effectthe Indenture, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver forward or cause to be delivered forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer notice Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement to such effect, including, in the case of such a Rapid Amortization Event or a Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website and its fax-on-demand service. The Indenture Trustee's fax-on-demand service may be accessed by calling (▇▇▇) ▇▇▇-▇▇▇▇. The Indenture Trustee's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website or the fax-on demand service can be obtained by calling the Indenture Trustee'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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account, Reserve Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each the applicable Record Date, Determination Date and Payment Date;
(ii) the aggregate amount of Loan Group Ipayments received with respect to the Home Equity Loans, Loan Group II-A including prepayment amounts;
(iii) the Servicing Fee and Loan Group II-BSubservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(v) the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Period;
(iivi) the amount paid as principal to the Noteholders of each Class of Notes;
(iiivii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(ivviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(vix) [Reserved];
(vix) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies Policy not yet reimbursed;
(viixi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiixii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixxiii) the aggregate amount of Additional Balances on the Group II Home Equity Loans created during the previous Collection Period conveyed to the Issuer;
(xxiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-30 to 59 days, 60-60 to 89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xixv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixvi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiixvii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xvxviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixix) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixx) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviiixxi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and;
(xixxxii) any material modifications, extensions or waivers to the terms of the Home Equity Loans during the Collection Period or that have cumulatively become material over time;
(xxiii) any material breaches of Home Equity Loan representations or warranties or covenants in the Purchase Agreement;
(xxiv) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Equity Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B Date and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance;
(xxv) the calculation of any Servicing Trigger or Trigger Event;
(xxvi) the amount of any RAHI Premium payable pursuant to Section 3.05(e) of the Indenture; and
(xxvii) the amount of the premium on the Policy pursuant to Section 3.05(a) of the Indenture. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Home Equity Loan Trust 2007-Hsa1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following preceding the related Determination Date, the Master Servicer shall forward the Servicing Certificate and shall prepare and deliver to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make a monthly statement available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a . The monthly statement setting shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, Collections and (b) Principal Collections and (c) Substitution Adjustment Amounts Collections, for such Collection Periodthe related period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of the Weighted Average Maximum Net Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateRate;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Stated Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Due Period, the aggregate Stated Principal Balance of the fixed rate Mortgage Loans, and the aggregate Stated Principal Balance of the adjustable rate Mortgage Loans;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Stated Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection preceding Due Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate number and aggregate Stated Principal Balances of Land Loans (a) as to which the Monthly Payment is delinquent for each Class of Class I Notes 30-59 days, 60-89 days, 90-119 days, 120-149 days and Class II Notes150-179 days, the Group I Net WAC Raterespectively, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for (b) the related Collection Mortgaged Property of which has been foreclosed upon and (c) as to which the related Mortgaged Property has become REO Property, in each case as of the end of the preceding Due Period; provided, however, that such information shall not be provided on the statements relating to the first Payment Date;
(xiiix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts and Substitution Adjustment Amounts with respect to the related Collection PeriodPayment Date, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods Payment Dates to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount and the Required Overcollateralization Amount as of the Payment Date;
(xiii) the weighted average of the Net Loan Rates for the Mortgage Loans for the related Collection Period and the aggregate amount of Draws for the related Collection Due Period;
(xviixiv) any Deficiency Amount;
(xv) the number and Twelve Month Loss Amount (minus the amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Recovery Amounts); and
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Rolling Three Month Delinquency Rate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such two preceding Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceDates. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. Assistance in using the website can be obtained by calling the customer service desk at (877) 722-1095. 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) [Reserved].
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bd) The Master On or before 2:00 P.M. New York time on each Business Day immediately preceding each Payment Date, the Servicer shallshall either (i) deposit in the Note Payment Account from its own funds, on behalf of or funds received therefor from the Depositor and Subservicers, an amount equal to the Advances to be made by the Servicer in respect of the Trustrelated Payment Date, sign which shall be in an aggregate amount equal to the aggregate amount of Monthly Payments (with each interest portion thereof adjusted to the Net Loan Rate), less the amount of any related Servicing Modifications, Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Servicemembers Civil Relief Act on the Mortgage Loans outstanding as of the related Due Date, which Monthly Payments were delinquent as of the close of business as of the related Determination Date; provided that no Advance shall be made if it would be a Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial Account and cause deposit in the Note Payment Account all or a portion of the Amount Held for Future Distribution in discharge of any such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any portion of the Amount Held for Future Distribution so used shall be replaced by the Servicer by deposit in the Note Payment Account on or before 11:00 A.M. New York time on any future Business Day immediately preceding each Payment Date to the extent that funds attributable to the Mortgage Loans that are available in the Custodial Account for deposit in the Note Payment Account on such Payment Date shall be filed with the Commission any periodic reports less than payments to Securityholders required to be filed under made on the provisions following Payment Date. Such allocations shall be conclusive for purposes of reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10(a). The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the Exchange Act, Servicer delivered to the Depositor and the rules and regulations of Indenture Trustee. If the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register determines as of the end of each calendar year, (II) copies of all pleadings, other legal process and Business Day preceding any other documents relating Note Payment Account Deposit Date that it will be unable to any claims, charges and complaints involving deposit in the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, Note Payment Account an amount equal to the actual knowledge of a Responsible Officer of Advance required to be made for the Indenture Trusteeimmediately succeeding Payment Date, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) it shall give notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant Trustee of its inability to this Agreementadvance (such notice may be given by telecopy), not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to deposit. Neither Not later than 3:00 P.M., New York time, on the Master Servicer nor Note Payment Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day the Indenture Trustee shall have any liability with respect been notified in writing (by telecopy) that the Servicer shall have directly or indirectly deposited in the Note Payment Account such portion of the amount of the Advance as to which the Servicer shall have given notice pursuant to the Master Servicer's failure preceding sentence, pursuant to properly prepare or file such periodic reports resulting from or relating to Section 7.01, (a) terminate all of the Master Servicer's inability or failure to obtain any information not resulting from rights and obligations of the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed Servicer under this Agreement in accordance with the Commission in connection with this clause Section 7.01 and (b) shall include a certification, signed by assume the senior officer in charge obligations of the servicing functions of Servicer hereunder, including the Master Servicer, obligation to deposit in the form attached as Exhibit E hereto or Note Payment Account an amount equal to the Advance for the immediately succeeding Payment Date and such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), rights and obligations set forth in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the CommissionSection 7.02 hereof. In connection with the Form 10-K Certification, the The Indenture Trustee shall provide deposit all funds it receives pursuant to this Section 4.01 into the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersNote Payment Account.
Appears in 1 contract
Sources: Servicing Agreement (GMACM Mortgage Loan Trust 2004-Gh1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect such distribution to the payments made on such Payment DateCertificateholders;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Home Loans;
(xiiiviii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xviix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(x) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xi) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xii) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Home Loans for the related Collection Period;
(xviixiii) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Loans repurchased pursuant to Section 3.15(a) herein during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xixxiv) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Home Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. The Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇site can be obtained by calling the Indenture Trustee's customer service desk at 800-524-9472. Parties that are ▇▇▇▇▇▇ ▇▇ ▇▇e the above 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) In addition, with respect to each Payment Date, on the Master Business Day following the related Determination Date, the Servicer shall forward to the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Equity Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the CLTV prior to the Capitalization Workout;
(vii) the CLTV after the Capitalization Workout; and
(viii) if an appraisal was used in determining the CLTV referred to in (vii) above, the type and date of appraisal.
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Security Interest CollectionsCollections with respect to the Notes and the Certificates, (b) aggregate Security Principal Collections with respect to the Notes and the Certificates and (c) Substitution Adjustment Amounts Security Collections for such the related Collection PeriodPeriod with respect to the Notes and the Certificates;
(ii) the amount paid as principal of such distribution to the Noteholders Securityholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A the Notes and Loan Group II-B, the amount paid as interest Certificates applied to reduce the Noteholders of each Class of Notes, principal balance thereof and separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Accelerated Principal Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect the amount to be deposited in the payments made Funding Account on such Payment Date;
(v) [Reserved];
(viiii) the amount of any draw on such distribution to the Group I Policy or Securityholders of the Group II Policy Notes and the Certificates allocable to interest and separately stating the portion thereof in respect of overdue accrued interest;
(iv) the Credit Enhancement Draw Amount, if any, for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiiv) the aggregate Loan Principal Balance of (a) the Home Equity Loans in each Loan Group ________ Loans, (b) the ______ Loans, (c) the _________ Loans, as of the end of the preceding Collection PeriodPeriod and (d) all of the Mortgage Loans;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-179 days and 90 180 or more days, respectively, respectively and (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; providedPROVIDED, howeverHOWEVER, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Weighted Average Net Mortgage Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate related Collection Period and the Group II-B Weighted Average Net WAC Mortgage Rate for (a) the ________ Loans, (b) the _______Loans and (c) the _________ Loans for the related Collection Period;
(xiiviii) for the Special Capital Distribution Amount and the Required Special Capital Distribution Amount, in each case as the end of Loan Group I, Loan Group II-A and Loan Group II-B, the related Collection Period; and
(ix) the aggregate amount of Additional Loans acquired during the previous Collection Period with amounts in respect of Net Principal Collections from the Funding Account;
(x) the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation remaining Carryover Loss Distribution Amounts Amount with respect to the NotesNotes and Certificates, respectively, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate sum of (a) the Cut-off Off Date Loan Pool Balance for such Loan Groupand (b) the amount by which the Pool Balance as of the latest date that the Additional Loans have been transferred to the Company exceeds the Cut-Off Date Pool Balance;
(xiiixi) any unpaid interest on the Notes and Certificates, respectively, after such Distribution Date;
(xii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Principal Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for respective Security Percentage applicable to the related Collection Period Notes and the aggregate amount Certificates, after application of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following payments made on such Payment Date; and
(xixxiv) the number and principal amount of release agreements distributed pursuant to Section 3.05(c3.05(a)(xi) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Indenture on such Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, Certificate with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Company, the Owner Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee setting forth (i) all the foregoing information, (ii) the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.03 and (iii) the amounts (A) withdrawn from the Payment Account and deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture and (B) withdrawn from the Funding Account and deposited to the Collection Account pursuant to Section 8.02(c)(i) of the Indenture. The determination deter mination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the IssuerCompany's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer Company that is reasonably available to the Master Servicer to enable the Issuer Company to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Ameriquest Mortgage Securities Inc)
Statements to Securityholders. (a) With respect to On each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall forward provide to the Indenture Owner Trustee and the Indenture Trustee pursuant (with copies to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Rating Agencies and each Paying Agent) to forward to each Certificateholder of record, and to the Indenture Trustee, either directly or through a Paying Agent, to forward to each Noteholder of record a statement, based on the related Servicer's Certificate Paying Agent and each Rating Agency, a statement setting forth at least the following information (the "Servicing Certificate") as to the Notes Securities with respect to the related Distribution Date and CertificatesCollection Period, in substantially the form of Exhibit B, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts such distribution allocable to principal for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(ii) the Priority Principal Distributable Amount;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anySecondary Principal Distributable Amount;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateTertiary Principal Distributable Amount;
(v) [Reserved]the Regular Principal Distributable Amount;
(vi) the amount of such distribution allocable to current and overdue interest (including any draw interest on the Group I Policy or the Group II Policy overdue interest) for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount each Class of prior draws under the Policies not yet reimbursedNotes;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofTotal Servicing Fee;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection PeriodTotal Trustee Fees;
(ix) the aggregate outstanding principal amount of Additional Balances on each Class of Notes and the Group II Loans created during the previous Collection Period conveyed Note Pool Factor with respect to the Issuereach Class of Notes (in each case after giving effect to payments allocated to principal reported under clause (i) above);
(x) for each the Pool Balance as of Loan Group Ithe close of business on the last day of the related Collection Period;
(xi) the Reserve Fund Amount on such Distribution Date (after giving effect to all deposits to or withdrawals from the Reserve Fund on such Distribution Date) and the Reserve Fund Draw Amount;
(xii) the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer, Loan Group II-A and Loan Group II-Bif any, with respect to the related Collection Period;
(xiii) the number and aggregate Loan Balances Principal Balance of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for Receivables that were 30-59 days, 60-89 days and or 90 days or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case delinquent as of the end last day of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts Net Losses with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes Overcollateralization Target Amount and the Certificate Principal amount by which the Pool Balance of exceeds the related Certificates Note Balance (after giving effect to any payments made to the distribution of principal Noteholders on such Payment Distribution Date);
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection PeriodAvailable Collections;
(xvii) the number Cumulative Net Loss Percentage and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Sequential Payment Trigger; and
(xviii) the Group I Overcollateralization Amountamount of Excess Collections.
(b) Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by law, the Group II Overcollateralization Amountrelated Trustee, the Undercollateralization Amountupon receipt thereof, the Special Hazard Amount for shall mail to each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following Person who at any time during such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since shall have been a Securityholder, a statement, prepared by the Closing DateServicer, stated separatelycontaining certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Securityholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee Trustees for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Wachovia Auto Owner Trust 2004-B)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇," to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B II Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B II Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A I and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A I and Loan Group II-B II and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Home Equity Loan Trust 2005-Hs2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date (or with respect to any Payment Date for which a Credit Enhancement Draw Amount or Dissolution Draw will occur, no later than 12:00 P.M. New York City time, on the second Business Day prior to the applicable Payment Date), the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each w▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the number and Pool Balance of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Home Loans as of the end of the related Collection Period;
(v) the amount of any Credit Enhancement Draw Amount remaining unpaidor Dissolution Draw, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(viivi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivx) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Outstanding Reserve Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixxiii) (a) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ;
(xiv) the aggregate outstanding amount recovered during the related Collection Period consisting of all subsequent recoveries on any Home Loan that was 180 days or more delinquent;
(xv) the Capitalization Workouts expressed as amount, if any, to be paid by a percentage of the respective Pool BalanceDerivative Counterparty under a Derivative Contract; and
(xvi) whether or not a Servicing Trigger has occurred. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeCredit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) . The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide also forward to the Master Servicer (I) a list of Holders as shown on the Certificate Register Credit Enhancer and/or its designees any additional information, including without limitation, loss and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received delinquency information requested by the Indenture TrusteeCredit Enhancer, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersHome Loans.
Appears in 1 contract
Statements to Securityholders. (a) With respect to On or before each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall provide to the Owner Trustee (with copies to the Depositor and the Rating Agencies) to forward to each Certificateholder of record, and to the Indenture Trustee and the Indenture Trustee pursuant Trustee, to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating AgencyNoteholder of record, a statement statement, based on the related Master Servicer's Certificate setting forth at least the following information (the "Servicing Certificate") as to the Notes Securities with respect to the related Distribution Date and CertificatesCollection Period, in substantially the form of Exhibit B, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts such distribution allocable to principal for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(ii) the Priority Principal Distributable Amount;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anySecondary Principal Distributable Amount;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateRegular Principal Distributable Amount;
(v) [Reserved]the amount of such distribution allocable to current and overdue interest (including any interest on overdue interest) for each Class of Notes;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedTotal Servicing Fee;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofTotal Trustee Fees;
(viii) the aggregate Loan Balance outstanding principal amount of each Class of Notes and the Home Equity Loans Note Pool Factor with respect to each Class of Notes (in each Loan Group as of the end of the preceding Collection Periodcase after giving effect to payments allocated to principal reported under clause (i) above);
(ix) the aggregate amount Pool Balance as of Additional Balances the close of business on the Group II Loans created during last day of the previous related Collection Period conveyed to the IssuerPeriod;
(x) for each the Reserve Fund Amount on such Distribution Date (after giving effect to all deposits to or withdrawals from the Reserve Fund on such Distribution Date) and the Reserve Fund Draw Amount;
(xi) the aggregate Purchase Amount of Loan Group IReceivables repurchased by the Seller or purchased by the Master Servicer, Loan Group II-A and Loan Group II-Bif any, with respect to the related Collection Period;
(xii) the number and aggregate Loan Balances Principal Balance of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for Receivables that were 30-59 days, 60-89 days and or 90 days or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case delinquent as of the end last day of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixiii) for each of Loan Group Ithe Nonrecoverable Advances, Loan Group II-A and Loan Group II-B, if any;
(xiv) the aggregate Liquidation Loss Amounts Net Losses with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes Overcollateralization Target Amount and the Certificate Principal amount by which the Pool Balance of exceeds the related Certificates Note Balance (after giving effect to any payments made to the distribution of principal Noteholders on such Payment Distribution Date);
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection PeriodAvailable Collections;
(xvii) the number Cumulative Net Loss Percentage and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection PeriodSequential Payment Trigger;
(xviii) the Group I Overcollateralization Yield Supplement Account Draw Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and;
(xix) the number and principal amount of release agreements pursuant Excess Collections;
(xx) the amount, if any, withdrawn from the Pre-Funding Account to purchase Subsequent Receivables;
(xxi) the Pre-Funding Account Amount, if any;
(xxii) the Negative Carry Account Draw Amount;
(xxiii) investment earnings on amounts on deposit in the Pre-Funding Account during such Collection Period, if any; and
(xxiv) for the Distribution Date following the Collection Period in which the Pre-Funding Period ends, the Pre-Funding Account Amount that is being paid to the Noteholders as an additional payment of principal on the Notes in accordance with the final paragraph of Section 3.05(c2.08(b) entered into of the Indenture.
(b) Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by law, the related Trustee, upon receipt thereof, shall mail to each Person who at any time during such calendar year and since shall have been a Securityholder, a statement, prepared by the Closing DateMaster Servicer, stated separatelycontaining certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Securityholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee Trustees for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, Date the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Dateany Credit Enhancement Draw Amount;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Principal Balance thereof;
(viiivi) the aggregate Loan Balance of the Home Equity Revolving Credit Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Revolving Credit Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I weighted average Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Loan Rate for the related Collection Period;
(xiiix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivxi) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xvxii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;; and
(xviixiv) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Outstanding Reserve Amount, the Special Hazard Amount for each Loan GroupAmount, the Fraud Loss Amount for each Loan GroupAmount, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, addition the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 3.5 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.3. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date (or with respect to any Payment Date for which a Credit Enhancement Draw Amount or Dissolution Draw will occur, no later than 12:00 P.M. New York City time, on the second Business Day prior to the applicable Payment Date), the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the number and Pool Balance of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Home Loans as of the end of the related Collection Period;
(v) the amount of any Credit Enhancement Draw Amount remaining unpaidor Dissolution Draw, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(viivi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivx) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Outstanding Reserve Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixa) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ;
(xiv) the aggregate outstanding amount recovered during the related Collection Period consisting of all subsequent recoveries on any Home Loan that was 180 days or more delinquent;
(xv) the Capitalization Workouts expressed as amount, if any, to be paid by a percentage of the respective Pool BalanceDerivative Counterparty under a Derivative Contract; and
(xvi) whether or not a Servicing Trigger has occurred. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeCredit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) . The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide also forward to the Master Servicer (I) a list of Holders as shown on the Certificate Register Credit Enhancer and/or its designees any additional information, including without limitation, loss and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received delinquency information requested by the Indenture TrusteeCredit Enhancer, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersHome Loans.
Appears in 1 contract
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee and the Enhancer, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections), (c) Substitution Adjustment Amounts and (d) Excess Spread, for such the related Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, and the amount of any Interest Shortfalls and Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Payment, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders aggregate Principal Balance of the Certificates, separately stating the portion thereof which resulted in a reduction Mortgage Loans as of the Certificate Loan Balance thereofend of the related Collection Period;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days, 150-179 days and 90 or more greater than 180 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during the Group I Net WAC Rate, related Collection Period;
(x) the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the related Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders or paid to the Funding Account in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Capitalized Interest Account, Funding Account and the aggregate amount Reserve Sub-Account as of Draws for the end of the related Collection Period;
(xv) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xvi) the Overcollateralization Amount as of the end of the related Collection Period and whether the Excess Spread Test is satisfied as of the end of the related Collection Period; and
(xvii) the number and amount aggregate Principal Balance of any increases in Subsequent Mortgage Loans transferred to the Credit Limits of the Home Equity Loans Trust Estate during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeTrustee and the Enhancer, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Servicer's becoming aware of any Early Amortization Event, the Servicer shall forward to the Indenture Trustee and the Enhancer, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com." Assistance in ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇te can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that ▇▇▇ ▇▇▇▇▇▇ ▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and the Reserve Sub-Account and deposited into the Note Payment Account, Reserve Sub-Account, Funding Account or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master If the Note Balance of the Variable Pay Revolving Notes is to be reduced on any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not later than 12:00 Noon (New York time) on behalf of the Depositor and in respect of second Business Day prior to such Payment Date, deliver a written notice to the Trust, sign and cause to be filed with Administrative Agent specifying the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing amount of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersreduction.
Appears in 1 contract
Sources: Servicing Agreement (Gmacm Home Equity Loan Trust 2004-He3)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture monthly Servicing Reports in a mutually agreeable electronic format. The Servicing Reports shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and Collections, (c) Substitution Adjustment Amounts for such Collection Periodand (d) Investor P&I Collections;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiia) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period, (b) the Investor Amount, (c) the aggregate Loan Balance of the Mortgage Loans and (d) the aggregate Loan Balance of the Revolving Credit Loans;
(ixiii) with respect to the Revolving Credit Loans, the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(xiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30[__]-59 [__] days, 60[__]-89 [__] days and 90 [__] or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvivi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviivii) the number and amount of any increases in the Credit Limits aggregate outstanding principal balance of the [__] Home Equity Loans during having the largest outstanding principal balances or Credit Limits, as applicable for the related Collection Period;
(xviiiviii) the Group I Overcollateralization number and aggregate outstanding principal balances of the Home Equity Loans which are [__] or more days delinquent in the payment of all or any portion of the scheduled interest or principal for the related Collection Period;
(ix) the [__]+ Delinquency Percentage (Rolling [__] Month) for the related Collection Period;
(x) the number and the aggregate Loan Balances of Liquidated Home Equity Loans for the related Collection Period; and
(xi) the number and the aggregate Loan Balances of Home Equity Loans having an outstanding principal balance (or any other amounts owing but otherwise unpaid) as of or following the final maturity date as set forth in the Related Documents respecting such Home Equity Loans. The Indenture Trustee pursuant to Section 3.26 of the Indenture shall prepare its monthly Statement based solely on the information contained in the Servicing Reports and shall make available such Statements to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency. The Indenture Trustee may conclusively rely on the correctness of the information contained in the Servicing Reports, without independent verification thereof. The Statements to Securityholders shall contain the information in the Servicing Report and the following information:
(i) the amount of any distribution of principal to the Noteholders;
(ii) the amount of any distribution of interest to the Noteholders, separately stating the portion thereof in respect of overdue accrued interest;
(iii) the amount of any Credit Enhancement Draw Amount, the Group II Overcollateralization Amountif any, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II aggregate amount of prior draws thereunder not yet reimbursed;
(iv) the amount of such distribution as principal and interest to the Certificateholders of each Class of Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Principal Balance thereof;
(v) the weighted average Net Loan Rate for the related Collection Period;
(vi) the Security Balance of the Notes and the Class Principal Balance of each Class of Certificates after giving effect to the distribution of principal on such Payment Date;
(vii) the Required Overcollateralization Amount immediately following such for the related Payment Date; and
(xixviii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, Overcollateralization Amount for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing related Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (iii) and (iiiii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 [__] denomination. If The Indenture Trustee will make the monthly statement (and, at its option, any additional files containing the same information in an Amortization Event or Servicing Default shall occur, on alternative format) available each month to the Business Day following the related Determination DateNoteholders, the Master Servicer shall forward to Certificateholders, and the other parties described in the second preceding paragraph via the Indenture Trustee, 's internet website. The Indenture Trustee's internet website shall initially be located at "[__]". Assistance in using the website can be obtained by calling the Indenture Trustee's customer service desk at [__]. Parties that are unable to use the above Statement distribution option are entitled to have a statement of paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way monthly Statements are distributed in order to make such effect, including distribution more convenient and/or more accessible to the nature of Noteholders and the Certificateholders and the Indenture Trustee shall provide timely and adequate notification to all the Noteholders and the Certificateholders regarding any such Amortization Event or Servicing Defaultchanges. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice a paper copy of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersmonthly Statements. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions payments pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment such Determination Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee Certificate Paying Agent and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancereach Bondholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes Bonds and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders Bondholders of each Class of NotesBonds;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders Bondholders of each Class of NotesBonds, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixviii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(x) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Bondholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiixii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Bond Balance of each related Class of Notes Bonds and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization AmountSecurities, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following after application of payments made on such Payment Date; and
(xixxiv) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed Overcollateralization Amount as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount end of the Capitalization Workouts expressed as a percentage of the respective Pool Balancepreceding Collection Period. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note Bond or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Master Servicer’s becoming aware of any Early Amortization Event, the Master Servicer shall forward to the Indenture Trustee and the Enhancer, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Bondholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially be located at “ ”. Assistance in using the website can be obtained by calling the Indenture Trustee’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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Bond Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's ’s written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Master Servicing Agreement (BellaVista Finance CORP)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture monthly Servicing Reports in a mutually agreeable electronic format. The Servicing Reports shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and Collections, (c) Substitution Adjustment Amounts for such Collection Periodand (d) Investor P&I Collections;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiia) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period, (b) the Investor Amount, (c) the aggregate Loan Balance of the Mortgage and (d) the aggregate Loan Balance of the Revolving Credit;
(ixiii) with respect to the Revolving Credit Loans, the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(xiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvivi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviivii) the number and amount of any increases in the Credit Limits aggregate outstanding principal balance of the three Home Equity Loans during having the largest outstanding principal balances or Credit Limits, as applicable for the related Collection Period;
(xviiiviii) the Group I Overcollateralization number and aggregate outstanding principal balances of the Home Equity Loans which are 180 or more days delinquent in the payment of all or any portion of the scheduled interest or principal for the related Collection Period;
(ix) the 60+ Delinquency Percentage (Rolling Six Month) for the related Collection Period;
(x) the number and the aggregate Loan Balances of Liquidated Home Equity Loans for the related Collection Period; and
(xi) the number and the aggregate Loan Balances of Home Equity Loans having an outstanding principal balance (or any other amounts owing but otherwise unpaid) as of or following the final maturity date as set forth in the Related Documents respecting such Home Equity Loans. The Indenture Trustee pursuant to Section 3.26 of the Indenture shall prepare its monthly Statement based solely on the information contained in the Servicing Reports and shall make available such statements to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency. The Indenture Trustee may conclusively rely on the correctness of the information contained in the Servicing Reports, without independent verification thereof. The Statements to Securityholders shall contain the information in the Servicing Report and the following information:
(i) the amount of such distribution as principal to the Noteholders;
(ii) the amount of such distribution as interest to the Noteholders, separately stating the portion thereof in respect of overdue accrued interest;
(iii) the amount of any Credit Enhancement Draw Amount, the Group II Overcollateralization Amountif any, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following aggregate amount of prior draws thereunder not yet reimbursed;
(iv) the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Principal Balance thereof;
(v) the weighted average Net Loan Rate for the related Collection Period;
(vi) the Note Balance of each Class of Notes and the Certificate Principal Balance of the Certificates after giving effect to the distribution of principal on such Payment Date; and
(xixvii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, Required Overcollateralization Amount for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing related Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (iii) and (iiiii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If The Indenture Trustee will make the monthly statement (and, at its option, any additional files containing the same information in an Amortization Event or Servicing Default shall occur, on alternative format) available each month to Noteholders and the Business Day following Certificateholders and offer parties described in the related Determination Date, the Master Servicer shall forward to second preceding paragraph via the Indenture Trustee, 's internet website. The Indenture Trustee's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the above distribution options are entitled to have a statement of paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way monthly Statements are distributed in order to make such effect, including distribution more convenient and/or more accessible to the nature of Noteholders and the Certificateholders and the Indenture Trustee shall provide timely and adequate notification to all the Noteholders and the Certificateholders regarding any such Amortization Event or Servicing Defaultchanges. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice a paper copy of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersmonthly statements. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment such Determination Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee Certificate Paying Agent and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Morgan Stanley Abs Capital I Inc MSDWCC Heloc Trust 2003-1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Security Interest CollectionsCollections with respect to the Notes and the Certificates, (b) aggregate Security Principal Collections with respect to the Notes and the Certificates and (c) Substitution Adjustment Amounts Security Collections for such the related Collection PeriodPeriod with respect to the Notes and the Certificates;
(ii) the amount paid as principal of such distribution to the Noteholders Securityholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A the Notes and Loan Group II-B, the amount paid as interest Certificates applied to reduce the Noteholders of each Class of Notes, principal balance thereof and separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Accelerated Principal Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect the amount to be deposited in the payments made Funding Account on such Payment Date;
(v) [Reserved];
(viiii) the amount of any draw on such distribution to the Group I Policy or Securityholders of the Group II Policy Notes and the Certificates allocable to interest and separately stating the portion thereof in respect of overdue accrued interest;
(iv) the Credit Enhancement Draw Amount, if any, for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiiv) the aggregate Loan Principal Balance of (a) the Home Equity Loans in each Loan Group ________ Loans, (b) the ________ Loans, (c) the _________ Loans, as of the end of the preceding Collection PeriodPeriod and (d) all of the Mortgage Loans;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-179 days and 90 180 or more days, respectively, respectively and (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; providedPROVIDED, howeverHOWEVER, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Weighted Average Net Mortgage Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate related Collection Period and the Group II-B Weighted Average Net WAC Mortgage Rate for (a) the _______ Loans, (b) the _______Loans and (c) the _________ Loans for the related Collection Period;
(xiiviii) for the Special Capital Distribution Amount and the Required Special Capital Distribution Amount, in each case as the end of Loan Group I, Loan Group II-A and Loan Group II-B, the related Collection Period; and
(ix) the aggregate amount of Additional Loans acquired during the previous Collection Period with amounts in respect of Net Principal Collections from the Funding Account;
(x) the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation remaining Carryover Loss Distribution Amounts Amount with respect to the NotesNotes and Certificates, respectively, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate sum of (a) the Cut-off Off Date Loan Pool Balance for such Loan Groupand (b) the amount by which the Pool Balance as of the latest date that the Additional Loans have been transferred to the Company exceeds the Cut-Off Date Pool Balance;
(xiiixi) any unpaid interest on the Notes and Certificates, respectively, after such Distribution Date;
(xii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Principal Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for respective Security Percentage applicable to the related Collection Period Notes and the aggregate amount Certificates, after application of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following payments made on such Payment Date; and
(xixxiv) the number and principal amount of release agreements distributed pursuant to Section 3.05(c3.05(a)(xi) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Indenture on such Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, Certificate with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Company, the Owner Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee setting forth (i) all the foregoing information, (ii) the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.03 and (iii) the amounts (A) withdrawn from the Payment Account and deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture and (B) withdrawn from the Funding Account and deposited to the Collection Account pursuant to Section 8.02(c)(i) of the Indenture. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's Company’s written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer Company that is reasonably available to the Master Servicer to enable the Issuer Company to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following preceding the related Determination Date, the Master Servicer shall forward the Servicing Certificate and shall prepare and deliver to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make a monthly statement available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a . The monthly statement setting shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, Collections and (b) Principal Collections and (c) Substitution Adjustment Amounts Collections, for such Collection Periodthe related period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidamount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to received under the payments made on such Payment DateHedge Agreement;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Stated Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Due Period, the aggregate Stated Principal Balance of the fixed rate Mortgage Loans, and the aggregate Stated Principal Balance of the adjustable rate Mortgage Loans;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Stated Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection preceding Due Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate number and aggregate Stated Principal Balances of Land Loans (a) as to which the Monthly Payment is delinquent for each Class of Class I Notes 30-59 days, 60-89 days, 90-119 days, 120-149 days and Class II Notes150-179 days, the Group I Net WAC Raterespectively, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for (b) the related Collection Mortgaged Property of which has been foreclosed upon and (c) as to which the related Mortgaged Property has become REO Property, in each case as of the end of the preceding Due Period; provided, however, that such information shall not be provided on the statements relating to the first Payment Date;
(xiiix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts and Substitution Adjustment Amounts with respect to the related Collection PeriodPayment Date, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods Payment Dates to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount and the Required Overcollateralization Amount as of the Payment Date;
(xiii) the weighted average of the Net Loan Rates for the Mortgage Loans for the related Collection Period and the aggregate amount of Draws for the related Collection Due Period;
(xviixiv) any Deficiency Amount;
(xv) the number and Twelve Month Loss Amount (minus the amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Recovery Amounts); and
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Rolling Three Month Delinquency Rate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such two preceding Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceDates. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇e can be obtained by calling the customer service desk at (800) 524-9472. Parties that ar▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) [Reserved].
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bd) The Master On or before 2:00 P.M. New York time on each Business Day immediately preceding each Payment Date, the Servicer shallshall either (i) deposit in the Note Payment Account from its own funds, on behalf of or funds received therefor from the Depositor and Subservicers, an amount equal to the Advances to be made by the Servicer in respect of the Trustrelated Payment Date, sign which shall be in an aggregate amount equal to the aggregate amount of Monthly Payments (with each interest portion thereof adjusted to the Net Loan Rate), less the amount of any related Servicing Modifications, Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and cause Sailors' Civil Relief Act of 1940, as amended, on the Mortgage Loans outstanding as of the related Due Date, which Monthly Payments were delinquent as of the close of business as of the related Determination Date; provided that no Advance shall be made if it would be a Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial Account and deposit in the Note Payment Account all or a portion of the Amount Held for Future Distribution in discharge of any such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any portion of the Amount Held for Future Distribution so used shall be replaced by the Servicer by deposit in the Note Payment Account on or before 11:00 A.M. New York time on any future Business Day immediately preceding each Payment Date to the extent that funds attributable to the Mortgage Loans that are available in the Custodial Account for deposit in the Note Payment Account on such Payment Date shall be filed with the Commission any periodic reports less than payments to Securityholders required to be filed under made on the provisions following Payment Date. Such allocations shall be conclusive for purposes of reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10(a). The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the Exchange Act, Servicer delivered to the Depositor and the rules and regulations of Indenture Trustee. If the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register determines as of the end of each calendar year, (II) copies of all pleadings, other legal process and Business Day preceding any other documents relating Note Payment Account Deposit Date that it will be unable to any claims, charges and complaints involving deposit in the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, Note Payment Account an amount equal to the actual knowledge of a Responsible Officer of Advance required to be made for the Indenture Trusteeimmediately succeeding Payment Date, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) it shall give notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant Trustee of its inability to this Agreementadvance (such notice may be given by telecopy), not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to deposit. Neither Not later than 3:00 P.M., New York time, on the Master Servicer nor Note Payment Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day the Indenture Trustee shall have any liability with respect been notified in writing (by telecopy) that the Servicer shall have directly or indirectly deposited in the Note Payment Account such portion of the amount of the Advance as to which the Servicer shall have given notice pursuant to the Master Servicer's failure preceding sentence, pursuant to properly prepare or file such periodic reports resulting from or relating to Section 7.01, (a) terminate all of the Master Servicer's inability or failure to obtain any information not resulting from rights and obligations of the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed Servicer under this Agreement in accordance with the Commission in connection with this clause Section 7.01 and (b) shall include a certification, signed by assume the senior officer in charge obligations of the servicing functions of Servicer hereunder, including the Master Servicer, obligation to deposit in the form attached as Exhibit E hereto or Note Payment Account an amount equal to the Advance for the immediately succeeding Payment Date and such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), rights and obligations set forth in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the CommissionSection 7.02 hereof. In connection with the Form 10-K Certification, the The Indenture Trustee shall provide deposit all funds it receives pursuant to this Section 4.01 into the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersNote Payment Account.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mort Prods Inc Gmacm Mort Ln Tr 03 Gh2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixviii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(x) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the previous Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Funding Account, the Reserve Sub-Account and Capitalized Interest Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xviixv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and as of the Group II Required Overcollateralization Amount immediately following such Payment Dateend of the preceding Collection Period; and
(xixxvii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Servicer's becoming aware of any Early Amortization Event, the Servicer shall forward to the Indenture Trustee and the Enhancer, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in usi▇▇ ▇▇▇ ▇▇▇▇▇▇▇ can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that are ▇▇▇▇▇▇ ▇▇ ▇▇e 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and the Reserve Sub-Account and deposited into the Note Payment Account, Reserve Sub-Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master If the Note Balance of the Variable Pay Revolving Notes is to be reduced on any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not later than 12:00 Noon (New York time) on behalf of the Depositor and in respect of second Business Day prior to such Payment Date, deliver a written notice to the Trust, sign and cause to be filed with Administrative Agent specifying the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing amount of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersreduction.
Appears in 1 contract
Sources: Servicing Agreement (Gmacm Home Equity Loan Backed Term Notes Ser 2003-He1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent Agent, the ISDA Counterparty and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Home Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the amount of any payment to be made to the designee or designees of the Credit Enhancer with respect to such Payment Date pursuant to Sections 3.05(a)(i) and 3.30 of the Indenture and the Limited Reimbursement Agreement;
(xiv) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Home Loans for the related Collection Period;
(xviixv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Loans repurchased pursuant to Section 3.15(a) herein during the related Collection Period;; and
(xviiixvi) the Group I Overcollateralization Amount, aggregate Principal Balance of Subsequent Home Loans transferred to the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Trust Estate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. The Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇e can be obtained by calling Indenture Trustee's customer service desk at 800-524-9472. Parties that are u▇▇▇▇▇ ▇▇ ▇▇▇ the above 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) In addition, with respect to each Payment Date, on the Master Business Day following the related Determination Date, the Servicer shall forward to the Credit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Equity Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the CLTV prior to the Capitalization Workout;
(vii) the CLTV after the Capitalization Workout; and
(viii) if an appraisal was used in determining the CLTV referred to in (vii) above, the type and date of appraisal.
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date (or with respect to any Payment Date for which a Credit Enhancement Draw Amount or Dissolution Draw will occur, no later than 12:00 P.M. New York City time, on the second Business Day prior to the applicable Payment Date), the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the number and Pool Balance of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Home Loans as of the end of the related Collection Period;
(v) the amount of any Credit Enhancement Draw Amount remaining unpaidor Dissolution Draw, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(viivi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivx) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Outstanding Reserve Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixxiii) (a) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ;
(xiv) the aggregate outstanding amount recovered during the related Collection Period consisting of all subsequent recoveries on any Home Loan that was 180 days or more delinquent; and
(xv) the Capitalization Workouts expressed as amount, if any, to be paid by a percentage of the respective Pool BalanceDerivative Counterparty under a Derivative Contract. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeCredit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) . The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide also forward to the Master Servicer (I) a list of Holders as shown on the Certificate Register Credit Enhancer and/or its designees any additional information, including without limitation, loss and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received delinquency information requested by the Indenture TrusteeCredit Enhancer, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersHome Loans.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(xvii) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) for each Group, the number and aggregate Principal Balance of Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(ix) the Note Net WAC Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiix) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the previous Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xi) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate Liquidation Loss Amounts with respect to the related Collection PeriodPeriod for each Group, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiixii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Funding Account, Capitalized Interest Account and Reserve Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xviixiv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixv) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, Group as of the Fraud Loss Amount for each Loan Group, end of the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Datepreceding Collection Period; and
(xixxvi) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately Trust Estate for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceGroup. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Term Note, Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Managed Amortization Event, a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement and the Indenture Trustee, pursuant to Section 3.26 of such effectthe Indenture, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver forward or cause to be delivered forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer notice Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement to such effect, including, in the case of such a Rapid Amortization Event or a Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ite can be obtained by calling the Indenture Trustee's customer service desk at (800) 524-9472. Parties that are ▇▇▇▇▇▇ ▇▇ ▇▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account, Reserve Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date (or with respect to any Payment Date for which a Credit Enhancement Draw Amount or Dissolution Draw will occur, no later than 12:00 P.M. New York City time, on the second Business Day prior to the applicable Payment Date), the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the number and Pool Balance of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Home Loans as of the end of the related Collection Period;
(v) the amount of any Credit Enhancement Draw Amount remaining unpaidor Dissolution Draw, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(viivi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivx) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event Fraud Losses with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xvxi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixii) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixiii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Outstanding Reserve Amount, the Special Hazard Amount for each Loan GroupAmount, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixa) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ; and
(xv) the aggregate outstanding amount recovered during the related Collection Period consisting of the Capitalization Workouts expressed as a percentage of the respective Pool Balanceall subsequent recoveries on any Home Loan that was 180 days or more delinquent. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeCredit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) . The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide also forward to the Master Servicer (I) a list of Holders as shown on the Certificate Register Credit Enhancer and/or its designees any additional information, including without limitation, loss and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received delinquency information requested by the Indenture TrusteeCredit Enhancer, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersHome Loans.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following preceding the related Determination Date, the Master Servicer shall forward the Servicing Certificate and shall prepare and deliver to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make a monthly statement available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent Agent, Bear Stearns Capital Markets Inc. and each Rating e▇▇▇ ▇▇ting Agency, a . The monthly statement setting shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, Collections and (b) Principal Collections and (c) Substitution Adjustment Amounts Collections, for such Collection Periodthe related period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidamount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to received under the payments made on such Payment DateHedge Agreement;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Stated Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Due Period, the aggregate Stated Principal Balance of the fixed rate Mortgage Loans, and the aggregate Stated Principal Balance of the adjustable rate Mortgage Loans;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Stated Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection preceding Due Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate number and aggregate Stated Principal Balances of Land Loans (a) as to which the Monthly Payment is delinquent for each Class of Class I Notes 30-59 days, 60-89 days, 90-119 days, 120-149 days and Class II Notes150-179 days, the Group I Net WAC Raterespectively, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for (b) the related Collection Mortgaged Property of which has been foreclosed upon and (c) as to which the related Mortgaged Property has become REO Property, in each case as of the end of the preceding Due Period; provided, however, that such information shall not be provided on the statements relating to the first Payment Date;
(xiiix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts and Substitution Adjustment Amounts with respect to the related Collection PeriodPayment Date, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods Payment Dates to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixi) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount and the Required Overcollateralization Amount as of the Payment Date;
(xiii) the weighted average of the Net Loan Rates for the Mortgage Loans for the related Collection Period and the aggregate amount of Draws for the related Collection Due Period;
(xviixiv) the number and Twelve Month Loss Amount (minus the amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Recovery Amounts); and
(xviiixv) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Rolling Three Month Delinquency Rate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such two preceding Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceDates. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance i▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ can be obtained by calling the customer service desk at (800) 524-9472. Parties that are ▇▇▇▇▇▇ ▇▇ ▇▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) [Reserved].
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bd) The Master On or before 2:00 P.M. New York time on each Business Day immediately preceding each Payment Date, the Servicer shallshall either (i) deposit in the Note Payment Account from its own funds, on behalf of or funds received therefor from the Depositor and Subservicers, an amount equal to the Advances to be made by the Servicer in respect of the Trustrelated Payment Date, sign which shall be in an aggregate amount equal to the aggregate amount of Monthly Payments (with each interest portion thereof adjusted to the Net Loan Rate), less the amount of any related Servicing Modifications, Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and cause Sailors' Civil Relief Act of 1940, as amended, on the Mortgage Loans outstanding as of the related Due Date, which Monthly Payments were delinquent as of the close of business as of the related Determination Date; provided that no Advance shall be made if it would be a Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial Account and deposit in the Note Payment Account all or a portion of the Amount Held for Future Distribution in discharge of any such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any portion of the Amount Held for Future Distribution so used shall be replaced by the Servicer by deposit in the Note Payment Account on or before 11:00 A.M. New York time on any future Business Day immediately preceding each Payment Date to the extent that funds attributable to the Mortgage Loans that are available in the Custodial Account for deposit in the Note Payment Account on such Payment Date shall be filed with the Commission any periodic reports less than payments to Securityholders required to be filed under made on the provisions following Payment Date. Such allocations shall be conclusive for purposes of reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10(a). The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the Exchange Act, Servicer delivered to the Depositor and the rules and regulations of Indenture Trustee. If the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register determines as of the end of each calendar year, (II) copies of all pleadings, other legal process and Business Day preceding any other documents relating Note Payment Account Deposit Date that it will be unable to any claims, charges and complaints involving deposit in the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, Note Payment Account an amount equal to the actual knowledge of a Responsible Officer of Advance required to be made for the Indenture Trusteeimmediately succeeding Payment Date, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) it shall give notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant Trustee of its inability to this Agreementadvance (such notice may be given by telecopy), not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to deposit. Neither Not later than 3:00 P.M., New York time, on the Master Servicer nor Note Payment Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day the Indenture Trustee shall have any liability been notified in writing (by telecopy) that the Servicer shall have directly or indirectly deposited in the Note Payment Account such portion of the amount of the Advance sentence, pursuant to Section 7.01, (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause Section 7.01 and (b) shall include a certification, signed by assume the senior officer in charge obligations of the servicing functions of Servicer hereunder, including the Master Servicer, obligation to deposit in the form attached as Exhibit E hereto or Note Payment Account an amount equal to the Advance for the immediately succeeding Payment Date and such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), rights and obligations set forth in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the CommissionSection 7.02 hereof. In connection with the Form 10-K Certification, the The Indenture Trustee shall provide deposit all funds it receives pursuant to this Section 4.01 into the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersNote Payment Account.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixviii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(x) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the previous Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Funding Account and the aggregate amount Reserve Sub-Account as of Draws for the related end of the preceding Collection Period;
(xviixv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and as of the Group II Required Overcollateralization Amount immediately following such Payment Dateend of the preceding Collection Period; and
(xixxvii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Servicer's becoming aware of any Early Amortization Event, the Servicer shall forward to the Indenture Trustee and the Enhancer, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in using the website can be obtained ▇▇ ▇▇▇▇▇▇▇ ▇▇▇ Indenture Trustee's customer service desk at (301) 815-6600. Parties that are unable to use the above di▇▇▇▇▇▇▇▇▇▇ ▇▇▇ions are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and the Reserve Sub-Account and deposited into the Note Payment Account, Reserve Sub-Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master If the Note Balance of the Variable Pay Revolving Notes is to be reduced on any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not later than 12:00 Noon (New York time) on behalf of the Depositor and in respect of second Business Day prior to such Payment Date, deliver a written notice to the Trust, sign and cause to be filed with Administrative Agent specifying the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing amount of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersreduction.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mort Prod Inc Gmacm Home Eq Ln Tr 2004 He1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee and the Indenture Trustee Paying Agent, and the Paying Agent, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made on such Payment Date make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent, the Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidDeficiency Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount, if any, received under the Yield Maintenance Agreement;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid distribution to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest any Additional Balance Increase Amount payable to the Certificateholders and the amount of the Certificates, separately stating the portion thereof which resulted Principal Collections paid in a reduction respect of the Certificate Loan such Additional Balance thereofIncrease Amount;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days, 150-179 days and 90 180 or more days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(x) LIBOR for the related Interest Period;
(xi) the Note Rate for each Class of Class I the Notes and Class II Notes, for such Payment Date;
(xii) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixiii) for each prior to the second Determination Date following the commencement of Loan Group Ithe Rapid Amortization Period, Loan Group II-A the aggregate amount of Additional Balances created during the previous Collection Period and Loan Group II-B, conveyed to the Issuer prior to the commencement of the Rapid Amortization Period;
(xiv) the aggregate Liquidation Loss Amounts (other than amounts allocated in respect of the Excluded Amount) with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Recovery Amounts and other than amounts allocated in respect of the Excluded Amount) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate Principal Balances of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to dateMortgage Loans;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for balance of the related Collection Period and Funding Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xvii) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Securities, after application of payments made on such Payment Date;
(xviii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xix) the aggregate Principal Balance of Subsequent Mortgage Loans during transferred to the Trust Estate since the Closing Date;
(xx) reserved;
(xxi) reserved;
(xxii) on or after the Stepdown Date, a statement (yes or no) as to whether each of the Stepdown Delinquency Test and the Stepdown Cumulative Loss Test have been met as of the related Payment Date;
(xxiii) the aggregate outstanding Principal Balance of the three largest Mortgage Loans as of the close of business on the last day of the related Collection Period;
(xviiixxiv) the Group I Overcollateralization Target Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xixxxv) the number of Mortgage Loans that are the subject of a Promotional Rate and principal the aggregate amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately Promotional Advances with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balancesuch Mortgage Loan. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination______ denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Managed Amortization Event, a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeTrustee and the Paying Agent, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. The Indenture Trustee Paying Agent shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Managed Amortization Event, Rapid Amortization Event or Servicing Default, including, in the case of a Rapid Amortization Event or a Servicing Default, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Paying Agent shall make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders and the Enhancer, and other parties to this Agreement via the Paying Agent’s internet website. The Paying Agent’s internet website shall initially be located at “▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇”. Assistance in using the website can be obtained by calling the Paying Agent’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 Paying Agent shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Paying Agent shall provide timely and adequate notification to all above parties regarding any such changes. The Paying Agent may require registration and the acceptance of a disclaimer in connection with access to its website
(b) The Servicer shall forward to the Indenture Trustee Paying Agent any other information reasonably requested by the Indenture Trustee Paying Agent necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent, the Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.04. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee Trustee, the Paying Agent and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's ’s written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Statements to Securityholders. (a) With respect to On each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall forward provide to the Indenture Owner Trustee and the Indenture Trustee pursuant (with copies to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Rating Agencies and each Paying Agent) to forward to each Certificateholder of record, and to the Indenture Trustee, either directly or through a Paying Agent, to forward to each Noteholder of record a statement, based on the related Servicer's Certificate Paying Agent and each Rating Agency, a statement setting forth at least the following information (the "Servicing Certificate") as to the Notes Securities with respect to the related Distribution Date and CertificatesCollection Period, in substantially the form of Exhibit B, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts such distribution allocable to principal for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(ii) the Priority Principal Distributable Amount;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anySecondary Principal Distributable Amount;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateTertiary Principal Distributable Amount;
(v) [Reserved]the Regular Principal Distributable Amount;
(vi) the amount of such distribution allocable to current and overdue interest (including any draw interest on the Group I Policy or the Group II Policy overdue interest) for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount each Class of prior draws under the Policies not yet reimbursedNotes;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofTotal Servicing Fee;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection PeriodTotal Trustee Fees;
(ix) the aggregate amount outstanding principal balance of Additional Balances on each Class of Notes and the Group II Loans created during the previous Collection Period conveyed Note Pool Factor with respect to the Issuereach Class of Notes (in each case after giving effect to payments allocated to principal reported under clause (i) above);
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case Pool Balance as of the end close of the related Collection Period; provided, however, that such information will not be provided business on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class last day of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) the Reserve Fund Amount on such Distribution Date (after giving effect to all deposits to or withdrawals from the Reserve Fund on such Distribution Date) and the Reserve Fund Draw Amount;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer, if any, with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the number and aggregate Excess Loss Amounts with respect to Principal Balance of Receivables that were 31-60 days, 61-90 days or 91 days or more delinquent as of the Group I Loans and last day of the Group II Loans related Collection Period;
(xiv) the Net Losses with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to datePeriod;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes Overcollateralization Target Amount and the Certificate Principal amount by which the Pool Balance of exceeds the related Certificates Note Balance (after giving effect to any payments made to the distribution of principal Noteholders on such Payment Distribution Date);
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws Available Collections for the related Collection Period;
(xvii) the number Cumulative Net Loss Percentage and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection PeriodSequential Payment Trigger;
(xviii) the Group I Overcollateralization Yield Supplement Account Draw Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(cExcess Collections.
(b) entered into Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by law, the related Trustee, upon receipt thereof, shall mail to each Person who at any time during such calendar year and since shall have been a Securityholder, a statement, prepared by the Closing DateServicer, stated separatelycontaining certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Securityholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee Trustees for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make the Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect such distribution to the payments made on such Payment DateCertificateholders;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, (minus any Subsequent Net Recovery Amounts) and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiviii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xviix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(x) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xi) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xii) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Mortgage Loans for the related Collection Period;
(xviixiii) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Mortgage Loans repurchased pursuant to Section 3.15 herein during the related such Collection Period;
(xviiixiv) Net Liquidation Proceeds, net of any related Foreclosure Profit, for such Collection Period;
(xv) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount aggregate Subsequent Net Recovery Amounts for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment DateCollection Period; and
(xixxvi) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. In the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar amount with a $1,000,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mort Prod Inc Gmacm Home Eq L N Tr 04 He2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) during the Pre-Funding Period the amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the Weighted Average Net Loan Rate for the related Collection Period and the aggregate amount of Draws Mortgage Loans for the related Collection Period;
(xviixiv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Mortgage Loans repurchased pursuant to Section 3.15 herein during the related such Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xixxv) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. In the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar amount with a $1,000,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Amortization Event or Servicing Default, including, including the nature thereofof such Servicing Default. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇ebsite can be obtained by calling the Indenture Trustee's customer service desk at 301-815-6600. Parties that ▇▇▇ ▇▇▇▇▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.03 hereof. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Gmacm Home Equity Loan Trust 2003-He2)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," www.jpmorgan.com/sfr to each ▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit ▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor▇▇▇ ▇▇▇▇▇itor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each the applicable Record Date, Determination Date and Payment Date;
(ii) the aggregate amount of Loan Group Ipayments received with respect to the Home Equity Loans, Loan Group II-A including prepayment amounts;
(iii) the Servicing Fee payable to the Servicer;
(iv) the amount of any other fees or expenses paid, and Loan Group II-B, the identity of the party receiving such fees or expenses;
(v) the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Period;
(iivi) the amount paid as principal to the Noteholders of each Class of Notes;
(iiivii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(ivviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount amount of interest remaining unpaid, if any, for each Class of Class I Notes and Class II the Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(viix) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(viix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiixi) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixxii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xixiii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, (minus any Recovery Amounts) and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate Principal Balances of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to dateHome Loans;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xv) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xvi) the aggregate Servicing Fees for Overcollateralization Amount as of the related end of the preceding Collection Period and the aggregate amount of Draws Overcollateralization Release Amount for the related Collection Periodsuch Payment Date;
(xvii) the number and amount of any increases in payment to be made to the designee or designees of the Credit Limits of the Home Equity Loans during the related Collection PeriodEnhancer with respect to such Payment Date pursuant to Sections 3.05(a)(i);
(xviii) the Group I Overcollateralization Amount, weighted average of the Group II Overcollateralization Amount, Net Loan Rates for the Undercollateralization Amount, Home Loans for the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Daterelated Collection Period; and
(xix) the number and principal amount aggregate Principal Balance of release agreements Home Loans repurchased pursuant to Section 3.05(c3.15(a) entered into herein during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balancerelated Collection Period. In the case of information furnished pursuant to clauses (iivi) and (iiivii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. The Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.jpmorgan.com/sfr". Assistance in using the website can be obtained by ca▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇stee's customer service desk at 877-722-1095. Parties that are unable to use the above website are entitled ▇▇ ▇▇▇▇ ▇ ▇aper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) In addition, with respect to each Payment Date, on the Master Business Day following the related Determination Date, the Servicer shall forward to the Credit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Equity Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the CLTV prior to the Capitalization Workout;
(vii) the CLTV after the Capitalization Workout; and
(viii) if an appraisal was used in determining the CLTV referred to in (vii) above, the type and date of appraisal.
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (GMACM Home Loan Trust 2006-Hltv1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture monthly Servicing Reports in a mutually agreeable electronic format. The Servicing Reports shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and Collections, (c) Substitution Adjustment Amounts for such Collection Periodand (d) Investor P&I Collections;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiia) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection PeriodBilling Cycle, (b) the Investor Amount, (c) the aggregate Loan Balance of the Mortgage Loans and (d) the aggregate Loan Balance of the Revolving Credit Loans;
(ixiii) with respect to the Revolving Credit Loans, the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period Billing Cycle conveyed to the Issuer;
(xiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent (as calculated by the OTS Method) for 30-30 59 days, 60-60 to 89 days days, and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Periodpreceding Billing Cycle; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection PeriodBilling Cycle, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods Billing Cycles to date expressed as dollars and as a percentage of the aggregate Cut-Cut off Date Loan Balance for such Loan GroupBalance;
(xiiivi) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to Servicing Fees for the related Collection Period Billing Cycle and the aggregate amount of Draws for the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to daterelated Billing Cycle;
(xivvii) the aggregate outstanding principal balance of the three Home Equity Loans having the largest outstanding principal balances or Credit Limits, as applicable for the related Billing Cycle;
(viii) the number and aggregate outstanding principal balances of the Charge Off Loans and of the Home Equity Loans which are 180 or more days delinquent in the payment of all or any portion of the scheduled interest or principal for the related Billing Cycle;
(ix) the 60+ Delinquency Percentage (Rolling Six Month) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period Billing Cycle;
(x) the number and the aggregate Loan Balances of Liquidated Home Equity Loans for the related Billing Cycle; and
(xi) the number and the aggregate Loan Balances of Home Equity Loans having an outstanding principal balance (or any other amounts owing but otherwise unpaid) as of or following the final maturity date as set forth in the Related Documents respecting such Home Equity Loans.
(b) The Indenture Trustee pursuant to Section 3.26 of the Indenture shall prepare its monthly Statement based solely on the information contained in the Servicing Reports and shall make available such Statements to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency. The Indenture Trustee may conclusively rely on the correctness of such losses from all Collection Periods the information contained in the Servicing Reports, without independent verification thereof. The Statements to dateSecurityholders shall contain the information in the Servicing Report and the following information:
(i) the amount of any distribution of principal to the Noteholders;
(xvii) the amount of any distribution of interest to the Noteholders, separately stating the portion thereof in respect of overdue accrued interest;
(iii) the amount of any Credit Enhancement Draw Amount, if any, for such Payment Date and the aggregate amount of prior draws thereunder not yet reimbursed;
(iv) the amount of such distribution as principal and interest to the Certificateholders of each Class of Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Principal Balance thereof;
(v) the weighted average Net Loan Group I, Loan Group II-A and Loan Group II-B, Rate for the related Billing Cycle;
(vi) the Security Balance of each related Class of the Notes and the Certificate Class Principal Balance of the related each Class of Certificates after giving effect to the distribution of principal on such Payment Date;
(xvivii) the aggregate Servicing Fees Required Overcollateralization Amount for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xixviii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, Overcollateralization Amount for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing related Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (iii) and (iiiii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If The Indenture Trustee will make the monthly statement (and, at its option, any additional files containing the same information in an Amortization Event or Servicing Default shall occur, on alternative format) available each month to the Business Day following the related Determination DateNoteholders, the Master Servicer shall forward to Certificateholders, and the other parties described in the second preceding paragraph via the Indenture Trustee, ’s internet website. The Indenture Trustee’s internet website shall initially be located at “▇▇▇.▇▇▇▇▇▇▇.▇▇▇”. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above Statement distribution option are entitled to have a statement of paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way monthly Statements are distributed in order to make such effect, including distribution more convenient and/or more accessible to the nature of Noteholders and the Certificateholders and the Indenture Trustee shall provide timely and adequate notification to all the Noteholders and the Certificateholders regarding any such Amortization Event or Servicing Defaultchanges. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice a paper copy of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersmonthly Statements. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions payments pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment such Determination Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee Certificate Paying Agent and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's ’s written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date and (ii) the Indenture Owner Trustee shall include with each distribution to each Certificateholder of record as of the related Record Date a statement, prepared by the Master Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇4.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodNotes);
(ii) the amount paid as principal of such distribution allocable to the Noteholders of interest (stated separately for each Class of Notes);
(iii) for each the Aggregate Principal Balance as of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to close of business on the Noteholders last day of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anysuch Due Period;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect Servicing Fee paid to the payments made on such Payment DateMaster Servicer with respect to the related Due Period;
(v) [Reserved]the amount of any Note Interest Carryover Shortfall and Note Principal Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the immediately preceding Distribution Date;
(vi) the amount Note Pool Factor for each Class of any draw on the Group I Policy or the Group II Policy for Notes as of such Payment Distribution Date, the amount paid after giving effect to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws payments allocated to principal reported under the Policies not yet reimbursedclause (i) above;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;Distributable Amount; and
(viii) the aggregate Loan Balance of amount on deposit in the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances Spread Account on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group Isuch Distribution Date, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal distributions made on such Payment Distribution Date;
, and the change in such balance from the immediately preceding Distribution Date. Each amount set forth pursuant to subclauses (xvii), (ii), (iv) and (v) above shall be expressed in the aggregate Servicing Fees for the related Collection Period and the aggregate as a dollar amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and per $1,000.00 original principal amount of release agreements pursuant a Note.
(b) Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by law, the Indenture Trustee shall mail to Section 3.05(c) entered into each Person who at any time during the such calendar year shall have been a Holder of a Note a statement or statements, prepared by the Master Servicer, which in the aggregate contain the sum of the amounts set forth in clauses (i), (ii), (iv) and since (v) above for such calendar year or, in the Closing Date, stated separatelyevent such Person shall have been a Holder of a Note during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Noteholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (WFS Receivables Corp)
Statements to Securityholders. (a) With respect to On each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall forward to prepare and will include with the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," distribution to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, NoteholderSecurityholder, the Credit EnhancerMonthly Report, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for the related Due Period the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicableinformation:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection collections on the Contracts during the immediately preceding Due Period;
(ii) the amount paid as principal to Amount Available for payment of all amounts distributable in respect of the Noteholders of each Class of NotesSecurities and the Servicer Payment;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest of the distribution allocable to principal of the Notes and to the Noteholders Certificate Balance of each Class of Notesthe Certificates, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyincluding any overdue principal;
(iv) for the amount of the distribution allocable to interest on or with respect to each class of Loan Group ISecurities, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Dateincluding any overdue interest;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment DatePool Balance, the amount paid to the Credit Enhancer in reimbursement for prior draws Note Pool Factor and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case Pool Factor as of the end of the related Collection Due Period; provided, however, that ;
(vi) the Servicer Payment for such information will not be provided on the statements relating to the first Payment Distribution Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, Monthly Advances and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate CutNon-off Date Loan Balance for Reimbursable Payments on such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivviii) for each Loan Groupthe amount, if any, withdrawn from the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses Cash Collateral Account and losses caused by or resulting from an Extraordinary Event distributed to the Certificateholders with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to dateDistribution Date;
(xvix) for each of Loan Group Ithe Available Cash Collateral Amount, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to any deposit to or withdrawal from the distribution of principal on Cash Collateral Account with respect to such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Distribution Date, stated separately, for the Group II Loans and, the aggregate outstanding principal and such amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect Balance;
(x) the aggregate principal balance of all Contracts which were delinquent 30, 60 and 90 days or more as of the last day of the related Due Period;
(xi) the amount of investment earnings, net of losses and investment expenses on amounts on deposit in the Collection Account;
(xii) during the Funding Period, the amount of funds on deposit in the Pre-Funding Account;
(xiii) during the Funding Period, the number and aggregate principal balance of Subsequent Contracts;
(xiv) during the Funding Period, the number and aggregate principal balance of Subsequent Contracts purchased by the Trust on the related Distribution Date;
(xv) during the Funding Period, the amount, if any, withdrawn from the Capitalized Interest Account to make payments of interest on the Securities;
(xvi) during the Funding Period, the amount remaining on deposit in the Capitalized Interest Account;
(xvii) during the Funding Period, the amount investment earnings, net of losses and investment expenses on amounts on deposit in the Pre-Funding Account;
(xviii) during the Funding Period, the amount investment earnings, net of losses and investment expenses on amounts on deposit in the Capitalized Interest Account;
(xix) on the Distribution Date immediately following the end of the Funding Period (or if the Funding Period ends on a Distribution Date on such Distribution Date), the aggregate principal amount and percentage of each of the Notes and Certificates which are being redeemed;
(xx) the aggregate principal balance of all Unsecured Loans and Contracts which became Defaulted Contracts during the related Due Period;
(2xxi) the number and aggregate principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into Contracts which were prepaid, in part or in whole, during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and related Due Period;
(xxii) the aggregate outstanding principal balance of the Notes as of such Distribution Date after giving effect to any distributions on such Distribution Date;
(xxiii) the Certificate Balance as of such Distribution Date after giving effect to any distributions thereon and reductions thereto on such Distribution Date;
(xxiv) the amount, if any, by which the amount due to be distributed to Noteholders and Certificateholders exceeds the actual amount distributed on the related Distribution Date to Noteholders and Certificateholders, respectively;
(xxv) the Draw Amount, if any, and the Final Draw Amount (if applicable) with respect to such Distribution Date;
(xxvi) the Required Cash Collateral Amount;
(xxvii) the amount of the Capitalization Workouts expressed as a percentage surplus to be distributed to the holder of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for GP Interest after all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and payments have been made in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, Securities and the rules and regulations Servicer Payment has been paid. Within a reasonable period of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time after the end of each calendar year, (II) copies of all pleadingsbut not later than the latest date permitted by law, other legal process and the Servicer shall furnish or cause to be furnished to each Person who at any other documents relating to any claims, charges and complaints involving time during the Indenture Trustee, as indenture trustee hereunder, or calendar year was a Securityholder a statement containing the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability information with respect to the Master Servicer's failure interest accrued and principal paid on its Securities during such calendar year. Such obligation shall be deemed to properly prepare or file such periodic reports resulting from or relating have been satisfied to the Master Servicer's inability or failure extent that substantially comparable information shall be provided to obtain the Securityholders pursuant to any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge requirements of the servicing functions of the Master Servicer, Code as from time to time in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersforce.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Cit Group Securitization Corp Ii)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date, and (ii) the Indenture Trustee Trust Agent shall include with each distribution to each Certificateholder of record as of the related Record Date, a statement, prepared by the Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇3.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group INotes and the Certificates), Loan Group II-A and Loan Group II-B, separately identifying the aggregate amount included therein of any (ai) Interest Collections, (b) Principal Collections Full Prepayments of principal on Precomputed Contracts and (cii) Substitution Adjustment Amounts for such Collection PeriodFull Prepayments and partial prepayments of principal on Simple Interest Contracts;
(ii) the amount paid as principal of such distribution allocable to the Noteholders of interest (stated separately for each Class of NotesNotes and the Certificates);
(iii) for each the Note Percentage and the Certificate Percentage as of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to close of business on the Noteholders last day of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anysuch Collection Period;
(iv) the Certificate Distributable Amount and the Note Distributable Amount for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest such Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved]the Premium payable to the Insurer;
(vi) the amount of any draw to be on deposit in the Group I Policy or the Group II Policy for Spread Account on such Payment Distribution Date, the amount paid before and after giving effect to the Credit Enhancer deposits thereto and withdrawals therefrom to be made in reimbursement for prior draws and the aggregate amount respect of prior draws under the Policies not yet reimbursedsuch Distribution Date;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of the withdrawal, if any, required to be made from the Spread Account by the Indenture Trustee, specifying as to whether such distribution as principal and interest amount is to be (A) deposited into the Payment Account, (B) paid to the Certificateholders Insurer or (C) deposited into the Certificate Distribution Account for distribution to the holders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofResidual Interests pursuant to Section 4.04(b);
(viii) the aggregate Loan Balance of Servicing Fee with respect to the Home Equity Loans in each Loan Group as of Contracts for the end of the preceding related Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed fees paid to the IssuerOwner Trustee, the Trust Agent and the Indenture Trustee, with respect to the related Collection Period;
(x) for each the amount of Loan Group Iany Note Interest Carryover Shortfall, Loan Group II-A Note Principal Carryover Shortfall, Certificate Interest Carryover Shortfall and Loan Group II-B, Certificate Principal Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the immediately preceding Distribution Date;
(xi) the number of, and aggregate Loan Balances of Home Equity Loans (a) as to amount of, monthly principal and interest payments due on the Contracts which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case delinquent as of the end of the related Collection Period; providedPeriod presented on a 30-day, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes 60-day and Class II Notes, the Group I Net WAC Rate, the Group II90-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Periodday basis;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, Net Collections and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance Policy Claim Amount, if any, for such Loan GroupDistribution Date;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate amount of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to dateLiquidation Proceeds received for Defaulted Contracts;
(xiv) the net credit losses and Cram Down Losses for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to datePeriod;
(xv) the number and net outstanding balance of Contracts for which the Financed Vehicle has been repossessed;
(xvi) the Pool Balance, the Note Pool Factor for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance Pool Factor as of the related Certificates such Distribution Date after giving effect to the distribution of principal made on such Payment Distribution Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) on each Distribution Date occurring during and immediately following the number and amount of any increases in the Credit Limits end of the Home Equity Loans during Funding Period, the related Collection Periodamount on deposit in each of the Prefunding Account and the Capitalized Interest Account on such Distribution Date, before and after giving effect to withdrawals therefrom to be made in respect of such Distribution Date;
(xviii) on each Distribution Date occurring during and immediately following the Group I Overcollateralization Amountend of the Funding Period, the Group II Overcollateralization Amount, amounts of investment earnings and other amounts transferred from the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date Prefunding Account and the Group II Required Overcollateralization Amount immediately following such amounts transferred from the Capitalized Interest Account to the Payment DateAccount; and
(xix) on the number and principal Distribution Date immediately following the end of the Funding Period, the Mandatory Partial Redemption Amount. Each amount of release agreements set forth pursuant to Section 3.05(csubclauses (i) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses or (ii) and (iii) above, the amounts above shall be expressed as an aggregate a dollar amount per Variable Funding Note, Term $1,000.00 of original principal amount of a Note or Certificateoriginal Certificate Balance, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement case may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsbe.
(b) The Master Servicer shall, on behalf Within a reasonable period of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time after the end of each calendar year, (II) copies of all pleadingsbut not later than the latest date permitted by law, other legal process the Servicer shall prepare and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, furnish to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K CertificationIssuer, the Indenture Trustee and each Paying Agent, and the Paying Agent for the Notes and the Paying Agent for the Certificates shall provide furnish to each Person who on any Record Date during such calendar year shall have been a Holder of a Note or a Certificate, respectively, a statement or statements containing the Master Servicer with a back-up certification substantially sum of the amounts set forth in clauses (i) and (ii) above for such calendar year and such other information as is reasonably necessary for the preparation of such Person's federal income tax return in respect of the Notes or Certificates or, in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreementevent such Person shall have been a Holder of a Note or a Certificate during a portion of such calendar year, but without for the Rating Agency confirmations otherwise required by Section 8.01applicable portion of such year, and without for the consent purposes of the Holderssuch Noteholder's or Certificateholder's preparation of federal income tax returns.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Onyx Acceptance Financial Corp)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the number and Pool Balance of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidHome Loans as of the end of the related Collection Period;
(v) the amount of any Credit Enhancement Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(viivi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; providedPROVIDED, howeverHOWEVER, that such information will not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivx) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event Fraud Losses with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xvxi) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixii) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixiii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Outstanding Reserve Amount, the Special Hazard Amount for each Loan GroupAmount, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixa) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ; and
(xv) the aggregate outstanding amount recovered during the related Collection Period consisting of the Capitalization Workouts expressed as a percentage of the respective Pool Balanceall subsequent recoveries on any Home Loan that was 180 days or more delinquent. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeCredit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) . The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide also forward to the Master Servicer (I) a list of Holders as shown on the Certificate Register Credit Enhancer and/or its designees any additional information, including without limitation, loss and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received delinquency information requested by the Indenture TrusteeCredit Enhancer, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersHome Loans.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (ae) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Loan information reasonably available to the Servicer with respect to the Loans as the Indenture Trustee may reasonably request in order for the Indenture Trustee to perform the calculations necessary to prepare the statements contemplated by this Section 4.01 (the “Servicing Certificate”). The Indenture Trustee pursuant to Section 3.26 3.23 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest CollectionsRemittance Amount, (b) Principal Collections Remittance Amount and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each of Loan Group I, Loan Group II-A the number and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding related Collection Period;
(ixv) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum (i) one Monthly Payment is Delinquent, (ii) two Monthly Payments are Delinquent for 30-59 days, 60-89 days and 90 or (iii) three or more days, respectivelyMonthly Payments are Delinquent, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivi) the Note number, average balance, weighted average remaining term to maturity and weighted average Loan Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for Mortgage Loans as of the related Collection PeriodDue Date;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiiivii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xviviii) the Certificate Distribution Amount immediately following such Payment Date;
(ix) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviix) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Targeted Overcollateralization Amount immediately following such Payment Date; and;
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2xi) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date;
(xii) the aggregate amount recovered during the related Collection Period consisting of all subsequent recoveries on any Loan that was 180 days or more delinquent;
(xiii) the related Basis Risk Shortfall for the Class A, stated separately Class M-1 and Class B-1 Notes and the Available Funds Shortfall for the Class B-2 Notes on each Payment Date;
(xiv) the applicable record dates, accrual periods and determination dates for determining distributions and general Payment Dates;
(xv) the total cash flows received and the general sources thereof;
(xvi) the Note Rate for each Class of Loan Group INotes;
(xvii) the aggregate amount of Advances for the related Due Period (including the general purpose of such Advances), Loan Group II-A and Loan Group II-B the aggregate amount of unreimbursed Advances at the close of business on the Payment Date, and the general source of funds for reimbursements;
(xviii) the aggregate outstanding amount of Realized Losses incurred during the Capitalization Workouts expressed related Due Period and the cumulative amount of Realized Losses;
(xix) 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; and
(xx) information about any additions of, substitutions for or removal of any Mortgage Loans from the Trust Fund, and any changes in the underwriting, acquisition or selection criteria as a percentage of to any Mortgage Loans added to the respective Pool BalanceTrust Fund. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture monthly Servicing Reports in a mutually agreeable electronic format. The Servicing Reports shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and Collections, (c) Substitution Adjustment Amounts for such Collection Periodand (d) Investor P&I Collections;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiia) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period, (b) the Investor Amount, (c) the aggregate Loan Balance of the Mortgage Loans and (d) the aggregate Loan Balance of the Revolving Credit Loans;
(ixiii) with respect to the Revolving Credit Loans, the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(xiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiv) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvivi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviivii) the number and amount of any increases in the Credit Limits aggregate outstanding principal balance of the three Home Equity Loans during having the largest outstanding principal balances or Credit Limits, as applicable for the related Collection Period;
(xviiiviii) the Group I Overcollateralization number and aggregate outstanding principal balances of the Home Equity Loans which are 180 or more days delinquent in the payment of all or any portion of the scheduled interest or principal for the related Collection Period;
(ix) the 60+ Delinquency Percentage (Rolling Six Month) for the related Collection Period;
(x) the number and the aggregate Loan Balances of Liquidated Home Equity Loans for the related Collection Period; and
(xi) the number and the aggregate Loan Balances of Home Equity Loans having an outstanding principal balance (or any other amounts owing but otherwise unpaid) as of or following the final maturity date as set forth in the Related Documents respecting such Home Equity Loans. The Indenture Trustee pursuant to Section 3.26 of the Indenture shall prepare its monthly Statement based solely on the information contained in the Servicing Reports and shall make available such Statements to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency. The Indenture Trustee may conclusively rely on the correctness of the information contained in the Servicing Reports, without independent verification thereof. The Statements to Securityholders shall contain the information in the Servicing Report and the following information:
(i) the amount of any distribution of principal to the Noteholders;
(ii) the amount of any distribution of interest to the Noteholders, separately stating the portion thereof in respect of overdue accrued interest;
(iii) the amount of any Credit Enhancement Draw Amount, the Group II Overcollateralization Amountif any, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II aggregate amount of prior draws thereunder not yet reimbursed;
(iv) the amount of such distribution as principal and interest to the Certificateholders of each Class of Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Principal Balance thereof;
(v) the weighted average Net Loan Rate for the related Collection Period;
(vi) the Security Balance of the Notes and the Class Principal Balance of each Class of Certificates after giving effect to the distribution of principal on such Payment Date;
(vii) the Required Overcollateralization Amount immediately following such for the related Payment Date; and
(xixviii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, Overcollateralization Amount for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing related Payment Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (iii) and (iiiii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If The Indenture Trustee will make the monthly statement (and, at its option, any additional files containing the same information in an Amortization Event or Servicing Default shall occur, on alternative format) available each month to the Business Day following the related Determination DateNoteholders, the Master Servicer shall forward to Certificateholders, and the other parties described in the second preceding paragraph via the Indenture Trustee, 's internet website. The Indenture Trustee's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Indenture Trustee's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above Statement distribution option are entitled to have a statement of paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way monthly Statements are distributed in order to make such effect, including distribution more convenient and/or more accessible to the nature of Noteholders and the Certificateholders and the Indenture Trustee shall provide timely and adequate notification to all the Noteholders and the Certificateholders regarding any such Amortization Event or Servicing Defaultchanges. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice a paper copy of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersmonthly Statements. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions payments pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Collection Account and deposited into the Payment Account on the Business Day preceding the related Payment such Determination Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee Certificate Paying Agent and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Morgan Stanley ABS Capital I Inc. MSDWCC HELOC Trust 2005-1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," to each w▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇ to each Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each of Loan Group I, Loan Group II-A the number and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Pool Balance of the Home Equity Loans in each Loan Group as of the end of the preceding related Collection Period;
(ixv) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiivii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiviii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivix) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixi) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Outstanding Reserve Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixa) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ;
(xiii) the aggregate outstanding amount recovered during the related Collection Period consisting of all subsequent recoveries on any Home Loan that was 180 days or more delinquent;
(xiv) the Capitalization Workouts expressed as amount, if any, to be paid by a percentage of the respective Pool BalanceDerivative Counterparty under a Derivative Contract; and
(xv) whether or not a Servicing Trigger has occurred. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeRating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Statements to Securityholders. (a) With respect On or prior to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward provide to the Indenture Trustee and the Indenture Owner Trustee (with a copy to the Rating Agencies) for the Trustee and the Owner Trustee to forward to each Securityholder of record (in the case of the Trustee, pursuant to Section 3.26 of 5.8(b)) the Indenture shall forward statement or cause to be forwarded statements provided by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, Servicer in substantially the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement form attached hereto as Exhibit E setting forth at least the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicableinformation:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Periodany distributions allocable to principal of each Class of Notes;
(ii) the amount paid as principal of such distribution allocable to the Noteholders of interest on or with respect to each Class of Notes;
(iii) for each the Pool Balance as of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to close of business on the Noteholders last day of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyrelated Collection Period;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, Note Balance for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Dateallocated to principal reported under clause (i) above;
(v) [Reserved]the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period, and the amount of any unpaid Servicing Fees and the change in such amount from the prior Payment Date;
(vi) the amount of any draw on the Group I Policy or Backup Servicing Fee and the Group II Policy for such Payment Date, the amount Trustee Fees paid to the Credit Enhancer in reimbursement for prior draws Backup Servicer, the Trustee and the aggregate Owner Trustee, as applicable, with respect to the related Collection Period, and the amount of any unpaid Backup Servicing Fees and Trustee Fees and the change in all such amounts from the prior draws under the Policies not yet reimbursedPayment Date;
(vii) the Noteholders’ Interest Carryover Shortfall for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of Notes for such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofPayment Date;
(viii) the aggregate Loan Balance of amount, if any, paid to the Home Equity Loans in each Loan Group as of Noteholders from the end of the preceding Collection PeriodSeries 2012-C Spread Account for such Payment Date;
(ix) the aggregate amount of Additional Balances on in the Group II Loans created during Series 2012-C Spread Account and the change in such amount from the previous Collection Period conveyed to Payment Date and the IssuerSpecified Spread Account Requisite Amount for such Payment Date;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number of Receivables and the aggregate Loan Balances of Home Equity Loans net balance thereon for which the related Obligors are delinquent in making Scheduled Receivable Payments for (a) as 31 to which the Minimum Monthly Payment is Delinquent for 30-59 60 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed 61 to 90 days, and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date91 days or more;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate number and the Group II-B Net WAC Rate aggregate Purchase Amounts for Receivables purchased by CPS or purchased by the Servicer during the related Collection Period and summary information as to losses and delinquencies with respect to such Receivables;
(xii) the Principal Balance of all Receivables that have become Liquidated Receivables, net of Recoveries, during the related Collection Period;
(xiixiii) for each the cumulative Principal Balance of Loan Group Iall Receivables that have become Liquidated Receivables, Loan Group II-A and Loan Group II-Bnet of Recoveries, during the aggregate Liquidation Loss Amounts with respect period from the Cutoff Date to the last day of the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses amount of any Texas Franchise Tax due and losses caused owing by CPS under the Receivables Purchase Agreement to the taxing authority of the State of Texas on or resulting from an Extraordinary Event with respect prior to the related Collection Period and Payment Date or paid by CPS since the aggregate of each of such losses from all Collection Periods to dateprior Payment Date;
(xv) for each of Loan Group I, Loan Group IIthe Three-A and Loan Group II-BMonth Rolling Average Extension Ratio, the Security Balance of each related Class of Notes Cumulative Net Loss Rate, the Delinquency Ratio and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment DateThree-Month Rolling Average Delinquency Ratio;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for Sale Amount with respect to Sold Receivables, if any, during the related Collection Period;
(xvii) the number and amount of for any increases in the Credit Limits of the Home Equity Loans Payment Date during the related Collection Funding Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Pre-Funded Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following change in such amount from the previous Payment Date; and
(xixxviii) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Mandatory Redemption Date, the Master Servicer shall forward amount of any remaining Pre-Funded Amount that was not used to fund the Indenture Trustee, a statement purchase of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsSubsequent Receivables.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of Within 60 days after the end of each calendar year, the Servicer shall deliver to the Trustee a statement setting forth the amounts paid during such preceding calendar year in respect of paragraphs (IIi), (ii), (v) copies and (vi) above. The Trustee shall mail a copy of such statement to each person who at any time during such preceding calendar year shall have been a Securityholder of record and received any payment in respect of the Securities.
(c) The Trustee may make available to the Securityholders, via the Trustee’s Internet Website, all pleadingsstatements described herein and, with the consent or at the direction of the Seller, such other legal process and any other documents relating to any claimsinformation regarding the Notes and/or the Receivables as the Trustee may have in its possession, charges and complaints involving but only with the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received use of a password provided by the Indenture Trustee, (III) notice of all matters that, . The Trustee will make no representation or warranties as to the actual knowledge accuracy or completeness of a Responsible Officer of such documents and will assume no responsibility therefor. The Trustee’s Internet Website shall be initially located at “w▇▇.▇▇▇▇▇▇▇.▇▇▇” or at such other address as shall be specified by the Indenture Trustee, have been submitted Trustee from time to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution time in writing to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the CommissionSecurityholders. In connection with providing access to the Form 10-K CertificationTrustee’s Internet Website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Trustee shall provide not be liable for the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended dissemination of information in accordance with this Agreement.
(d) The Servicer will supply to the Trustee, but without at the Rating Agency confirmations otherwise time and in the manner required by Section 8.01applicable Treasury Regulations, for further distribution to such Persons, and without to the consent of extent, required by applicable Treasury Regulations information with respect to any “original issue discount” accruing on the HoldersClass D Notes and the Class E Notes.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies Policy not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Home Equity Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Home Equity Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Home Equity Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date[Reserved];
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans Date and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B Date and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee and the Indenture Trustee Paying Agent, and the Paying Agent, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made on such Payment Date make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent, the Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidDeficiency Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount, if any, received under the Yield Maintenance Agreement;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid distribution to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest any Additional Balance Increase Amount payable to the Certificateholders and the amount of the Certificates, separately stating the portion thereof which resulted Principal Collections paid in a reduction respect of the Certificate Loan such Additional Balance thereofIncrease Amount;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days, 150-179 days and 90 180 or more days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(x) LIBOR for the related Interest Period;
(xi) the Note Rate for each Class of Class I the Notes and Class II Notes, for such Payment Date;
(xii) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixiii) for each prior to the second Determination Date following the commencement of Loan Group Ithe Rapid Amortization Period, Loan Group II-A the aggregate amount of Additional Balances created during the previous Collection Period and Loan Group II-B, conveyed to the Issuer prior to the commencement of the Rapid Amortization Period;
(xiv) the aggregate Liquidation Loss Amounts (other than amounts allocated in respect of the Excluded Amount) with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Recovery Amounts and other than amounts allocated in respect of the Excluded Amount) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate Principal Balances of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to dateMortgage Loans;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for balance of the related Collection Period and Funding Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xvii) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Securities, after application of payments made on such Payment Date;
(xviii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xix) the aggregate Principal Balance of Subsequent Mortgage Loans during transferred to the Trust Estate since the Closing Date;
(xx) reserved;
(xxi) reserved;
(xxii) on or after the Stepdown Date, a statement (yes or no) as to whether each of the Stepdown Delinquency Test and the Stepdown Cumulative Loss Test have been met as of the related Payment Date;
(xxiii) the aggregate outstanding Principal Balance of the three largest Mortgage Loans as of the close of business on the last day of the related Collection Period;
(xviiixxiv) the Group I Overcollateralization Target Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xixxxv) the number of Mortgage Loans that are the subject of a Promotional Rate and principal the aggregate amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately Promotional Advances with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balancesuch Mortgage Loan. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Managed Amortization Event, a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeTrustee and the Paying Agent, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. The Indenture Trustee Paying Agent shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Managed Amortization Event, Rapid Amortization Event or Servicing Default, including, in the case of a Rapid Amortization Event or a Servicing Default, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Paying Agent shall make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders and the Enhancer, and other parties to this Agreement via the Paying Agent's internet website. The Paying Agent's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇". Assistance in using the website can be obtained by calling the Paying Agent'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 Paying Agent shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Paying Agent shall provide timely and adequate notification to all above parties regarding any such changes. The Paying Agent may require registration and the acceptance of a disclaimer in connection with access to its website
(b) The Servicer shall forward to the Indenture Trustee Paying Agent any other information reasonably requested by the Indenture Trustee Paying Agent necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent, the Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.033.04. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee Trustee, the Paying Agent and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Wachovia Asset Sec Series 2004 - HE1)
Statements to Securityholders. (a) With respect to On each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall forward to prepare and will include with the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," distribution to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating AgencySecurityholder, a statement setting forth for the related Due Period the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicableinformation:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collectionsthe distribution allocable to principal of the Notes and to the Certificate Balance of the Certificates, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection Periodincluding any overdue principal;
(ii) the amount paid as principal of the distribution allocable to the Noteholders interest on or with respect to each class of each Class of NotesSecurities, including any overdue interest;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-Bthe Pool Balance, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Note Pool Factor and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case Pool Factor as of the end of the related Collection Due Period; provided;
(iv) the Servicer Payment for such Distribution Date;
(v) the amount of Monthly Advances and Non-Reimbursable Payments on such date;
(vi) the aggregate principal balance of all Contracts which were delinquent 30, however60 and 90 days or more as of the last day of the related Due Period;
(vii) during the Funding Period, that such information will not be provided the amount of funds on deposit in the Pre-Funding Account;
(viii) during the Funding Period, the number and aggregate principal balance of Subsequent Contracts;
(ix) during the Funding Period, the number and aggregate principal balance of Subsequent Contracts purchased by the Trust on the statements relating related Distribution Date;
(x) the aggregate outstanding principal balance of the Notes as of such Distribution Date after giving effect to the first Payment any distributions on such Distribution Date;
(xi) the Note Rate for each Class Certificate Balance as of Class I Notes such Distribution Date after giving effect to any distributions thereon and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Periodreductions thereto on such Distribution Date;
(xii) for each of Loan Group Ithe Draw Amount, Loan Group II-A if any, and Loan Group II-B, the aggregate Liquidation Loss Amounts Final Draw Amount (if applicable) with respect to the related Collection Period, the amount of any Liquidation Loss such Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupDate;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan GroupAvailable Cash Collateral Amount, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to any deposit to or withdrawal from the distribution of principal on Cash Collateral Account with respect to such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Distribution Date, stated separately, for the Group II Loans and, the aggregate outstanding principal and such amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.; and
Appears in 1 contract
Sources: Sale and Servicing Agreement (Cit Group Securitization Corp Ii)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections), (c) Substitution Adjustment Amounts and (d) Excess Spread, for such the related Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, and the amount of any Interest Shortfalls and Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders aggregate Principal Balance of the Certificates, separately stating the portion thereof which resulted in a reduction Mortgage Loans as of the Certificate Loan Balance thereofend of the related Collection Period;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days, 150-179 days and 90 or more greater than 180 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during the Group I Net WAC Rate, related Collection Period;
(x) the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the related Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders or paid to the Funding Account in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Capitalized Interest Account, Funding Account and the aggregate amount Reserve Sub-Account as of Draws for the end of the related Collection Period;
(xv) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xvi) the Overcollateralization Amount as of the end of the related Collection Period and whether the Excess Spread Test is satisfied as of the end of the related Collection Period; and
(xvii) the number and amount aggregate Principal Balance of any increases in Subsequent Mortgage Loans transferred to the Credit Limits of the Home Equity Loans Trust Estate during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Servicer's becoming aware of any Early Amortization Event, the Servicer shall forward to the Indenture Trustee, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com." Assistance in ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇te can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that ▇▇▇ ▇▇▇▇▇▇ ▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and the Reserve Sub-Account and deposited into the Note Payment Account, Reserve Sub-Account, Funding Account or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master If the Note Balance of the Variable Pay Revolving Notes is to be reduced on any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not later than 12:00 Noon (New York time) on behalf of the Depositor and in respect of second Business Day prior to such Payment Date, deliver a written notice to the Trust, sign and cause to be filed with Administrative Agent specifying the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing amount of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersreduction.
Appears in 1 contract
Sources: Servicing Agreement (GMACM Home Equity Loan Trust 2004-He4)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date and (ii) the Indenture Owner Trustee shall include with each distribution to each Certificateholder of record as of the related Record Date a statement, prepared by the Master Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇4.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodNotes);
(ii) the amount paid as principal of such distribution allocable to interest (stated separately for each Class of Notes);
(iii) the Noteholders of Interest Distributable Amount for each Class of Notes;
(iiiiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest of any Interest Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest immediately preceding Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved]the amount of the Servicing Fee paid to the Master Servicer with respect to the related Collection Period;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment DateClass A Principal Distributable Amount, the amount paid to Class B Principal Distributable Amount, the Credit Enhancer in reimbursement for prior draws Class C Principal Distributable Amount and the aggregate amount of prior draws under the Policies not yet reimbursedClass D Principal Distributable Amount;
(vii) for with respect to each Class of Loan Group I, Loan Group II-A and Loan Group II-BNotes, the amount of such distribution as principal and interest to the Certificateholders excess, if any, of the Certificates, separately stating amount distributable in respect of principal on such Class of Notes over the portion thereof which resulted in a reduction amount allocated to principal on such Class of the Certificate Loan Balance thereofNotes;
(viii) the aggregate Loan Balance of Aggregate Net Liquidation Losses for the Home Equity Loans in each Loan Group as of the end of the preceding related Collection Period;
(ix) the aggregate amount Principal Balance of Additional Balances Delinquent Contracts as of the close of business on the Group II Loans created during the previous last day of such Collection Period conveyed to the IssuerPeriod;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case Aggregate Principal Balance as of the end close of business on the related last day of such Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for principal balance of each Class of Class I Notes and Class II Notesas of such Distribution Date, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Periodafter giving effect to payments allocated to principal reported under clause (i) above;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupCertificate Distributable Amount;
(xiii) the aggregate Excess Loss Amounts with respect amount on deposit in the Spread Account on such Distribution Date, after giving effect to the Group I Loans distributions made on such Distribution Date, and the Group II Loans with respect to change in such balance from the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to dateimmediately preceding Distribution Date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period Spread Account Withdrawal Amount and the aggregate of each of such losses from all Collection Periods to date;Excess Spread Account Amount; and
(xv) for each the amount of Loan Group INet Collections. Each amount set forth pursuant to subclauses (i), Loan Group II-A and Loan Group II-B(ii), the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xviiv) or (v) above shall be expressed in the aggregate Servicing Fees for the related Collection Period and the aggregate as a dollar amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and per $______________ original principal amount of release agreements pursuant a Note.
(b) Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by law, the Indenture Trustee shall mail to Section 3.05(c) entered into each Person who at any time during the such calendar year shall have been a Holder of a Note a statement or statements, prepared by the Master Servicer, which in the aggregate contain the sum of the amounts set forth in clauses (i), (ii), (iv) and since (v) above for such calendar year or, in the Closing Date, stated separatelyevent such Person shall have been a Holder of a Note during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Noteholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunderreturns. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.ARTICLE SIX
Appears in 1 contract
Sources: Sale and Servicing Agreement (WFS Receivables Corp 3)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidInsured Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, (minus any Recovery Amounts) and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Home Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the amount of any payment to be made to the designee or designees of the Credit Enhancer with respect to such Payment Date pursuant to Sections 3.05(a)(i);
(xiv) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Home Loans for the related Collection Period;
(xviixv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Loans repurchased pursuant to Section 3.15(a) herein during the related Collection Period;; and
(xviiixvi) the Group I Overcollateralization Amount, aggregate Principal Balance of Subsequent Home Loans transferred to the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Trust Estate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. The Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇". Assistance in using the website can be obtained by calling Indenture Trustee's customer service desk at ▇▇▇-▇▇▇-▇▇▇▇. Parties 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 customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) In addition, with respect to each Payment Date, on the Master Business Day following the related Determination Date, the Servicer shall forward to the Credit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Equity Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the CLTV prior to the Capitalization Workout;
(vii) the CLTV after the Capitalization Workout; and
(viii) if an appraisal was used in determining the CLTV referred to in (vii) above, the type and date of appraisal.
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (GMACM Home Loan Trust 2004-Hltv1)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, Date the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Dateany Credit Enhancement Draw Amount;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Principal Balance thereof;
(viiivi) the aggregate Loan Balance of the Home Equity Revolving Credit Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Revolving Credit Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related preceding Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I weighted average Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Loan Rate for the related Collection Period;
(xiiix) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;; [NY01B:316703.2] 16069-00394 03/27/97 10:57am 19
(xivxi) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xvxii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiii) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;; and
(xviixiv) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Outstanding Reserve Amount, the Special Hazard Amount for each Loan GroupAmount, the Fraud Loss Amount for each Loan GroupAmount, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, addition the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to On each Payment Date, on the Business Day following the related Determination Distribution Date, the Master Servicer shall forward provide to the Indenture Owner Trustee and the Indenture Trustee pursuant (with copies to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Rating Agencies and each Paying Agent) to forward to each Certificateholder of record, and to the Indenture Trustee, either directly or through a Paying Agent, to forward to each Noteholder of record a statement, based on the related Servicer's Certificate Paying Agent and each Rating Agency, a statement setting forth at least the following information (the "Servicing Certificate") as to the Notes Securities with respect to the related Distribution Date and CertificatesCollection Period, in substantially the form of Exhibit B, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts such distribution allocable to principal for such Collection Period;
(ii) the amount paid as principal to the Noteholders of each Class of Notes;
(ii) the Priority Principal Distributable Amount;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anySecondary Principal Distributable Amount;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateRegular Principal Distributable Amount;
(v) [Reserved]the amount of such distribution allocable to current and overdue interest (including any interest on overdue interest) for each Class of Notes;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedTotal Servicing Fee;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofTotal Trustee Fees;
(viii) the aggregate Loan Balance outstanding principal amount of each Class of Notes and the Home Equity Loans Note Pool Factor with respect to each Class of Notes (in each Loan Group as of the end of the preceding Collection Periodcase after giving effect to payments allocated to principal reported under clause (i) above);
(ix) the aggregate amount Pool Balance as of Additional Balances the close of business on the Group II Loans created during last day of the previous related Collection Period conveyed to the IssuerPeriod;
(x) for each the Reserve Fund Amount on such Distribution Date (after giving effect to all deposits to or withdrawals from the Reserve Fund on such Distribution Date) and the Reserve Fund Draw Amount;
(xi) the aggregate Purchase Amount of Loan Group IReceivables repurchased by the Seller or purchased by the Servicer, Loan Group II-A and Loan Group II-Bif any, with respect to the related Collection Period;
(xii) the number and aggregate Loan Balances Principal Balance of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for Receivables that were 30-59 days, 60-89 days and or 90 days or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case delinquent as of the end last day of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xiixiii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts Net Losses with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses Overcollateralization Target Amount and losses caused the amount by or resulting from an Extraordinary Event with respect which the Pool Balance exceeds the Note Balance (after giving effect to any payments made to the related Collection Period and the aggregate of each of Noteholders on such losses from all Collection Periods to dateDistribution Date);
(xv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment DateAvailable Collections;
(xvi) the aggregate Servicing Fees for the related Collection Period Cumulative Net Loss Percentage and the aggregate amount of Draws for the related Collection PeriodSequential Payment Trigger;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Yield Supplement Account Draw Amount; and
(xviii) the Group I Overcollateralization Amountamount of Excess Collections.
(b) Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by law, the Group II Overcollateralization Amountrelated Trustee, the Undercollateralization Amountupon receipt thereof, the Special Hazard Amount for shall mail to each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following Person who at any time during such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since shall have been a Securityholder, a statement, prepared by the Closing DateServicer, stated separatelycontaining certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the Group II Loans and, the aggregate outstanding principal amount applicable portion of such release agreements expressed as a percentage of year, for the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement purposes of such effect, including the nature Securityholder's preparation of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholdersfederal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee Trustees for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Wachovia Auto Owner Trust 2005-A)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Security Interest CollectionsCollections with respect to the Notes and the Certificates, (b) aggregate Security Principal Collections with respect to the Notes and the Certificates and (c) Substitution Adjustment Amounts Security Collections for such the related Collection PeriodPeriod with respect to the Notes and the Certificates;
(ii) the amount paid as principal of such distribution to the Noteholders Securityholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A the Notes and Loan Group II-B, the amount paid as interest Certificates applied to reduce the Noteholders of each Class of Notes, principal balance thereof and separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Accelerated Principal Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect the amount to be deposited in the payments made Funding Account on such Payment Date;
(v) [Reserved];
(viiii) the amount of any draw on such distribution to the Group I Policy or Securityholders of the Group II Policy Notes and the Certificates allocable to interest and separately stating the portion thereof in respect of overdue accrued interest;
(iv) the Credit Enhancement Draw Amount, if any, for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under the Policies thereunder not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viiiv) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.________ Loans,
Appears in 1 contract
Sources: Servicing Agreement (Opteum Mortgage Acceptance CORP)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made otherwise make available on its website initially located electronically at "www.jpmorgam.com/sfr," www.jpmorgan.com/sfr to each ▇▇Ce▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer▇▇teholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodAmounts;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of NotesNoteholders;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of NotesNoteholders, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyoverdue accrued interest;
(iv) for each of Loan Group I, Loan Group II-A the number and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Pool Balance of the Home Equity Loans in each Loan Group as of the end of the preceding related Collection Period;
(ixv) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and foreclosed, (c) that have become REO, and (d) that have been finally liquidated due to being 180 days or more delinquent, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xivi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC weighted average Loan Rate for the related Collection Period;
(xiivii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupBalance;
(xiiiviii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xivix) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of the Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xviixi) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Outstanding Reserve Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Reserve Amount Target immediately following such Payment Date; and;
(xixa) the number and principal amount of release agreements pursuant to Section 3.05(c3.05(b)(iv) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Home Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2b) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and ;
(xiii) the aggregate outstanding amount recovered during the related Collection Period consisting of all subsequent recoveries on any Home Loan that was 180 days or more delinquent;
(xiv) the Capitalization Workouts expressed as amount, if any, to be paid by a percentage of the respective Pool BalanceDerivative Counterparty under a Derivative Contract; and
(xv) whether or not a Servicing Trigger has occurred. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur.
(b) In addition, with respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture TrusteeRating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the Combined Loan-to-Value Ratio prior to the Capitalization Workout;
(vii) the Combined Loan-to-Value Ratio after the Capitalization Workout; and
(viii) if an appraisal was used in determining the Combined Loan-to-Value Ratio referred to in (vii) above, a statement the type and date of such effect, including the nature of such Amortization Event or Servicing Defaultappraisal. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall also forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Securityholders. (a) With respect to On or before each Payment Date, the Owner Trustee shall (except as otherwise provided in the Trust Agreement) include with each distribution to each Certificateholder to be made on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee such date and the Indenture Trustee shall include with each distribution to each Term Noteholder and each Revolving Noteholder to be made on such date, a statement (which statement shall also be provided to the Rating Agencies) prepared by the Servicer based on information in the Servicer’s Accounting furnished pursuant to Section 3.26 3.05 of the Indenture shall forward or cause Pooling and Servicing Agreement. Except as otherwise set forth in the Officer’s Issuance Certificate with respect to any series of Notes, each such statement to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," delivered to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting Securityholders shall set forth the following information (concerning the "Servicing Certificate") as to Term Notes, the Revolving Notes and or the Certificates, as appropriate, with respect to such Payment Date or the extent applicablepreceding Collection Period:
(i) for each the amount, if any, of Loan Group I, Loan Group II-A the distribution allocable to principal on the Term Notes and Loan Group II-B, Revolving Notes and to the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodCertificate Balance;
(ii) the amount paid as principal amount, if any, of the distribution allocable to the Noteholders interest on or with respect to each series or class of each Class of NotesSecurities;
(iii) the aggregate Outstanding Amount for each of Loan Group I, Loan Group II-A and Loan Group II-Bthe Term Notes, the amount paid Outstanding Amount of the Revolving Notes and the Certificate Balance, each as interest of such date and after giving effect to all payments reported under clause (i) above (or, in the Noteholders case of each Class any Revolving Notes during the Revolving Period, unless principal payments thereon are required on such Payment Date, as of Notes, separately stating the portion thereof in respect last day of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anysuch Collection Period);
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made outstanding Servicer Advances on such Payment Datedate;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount Monthly Servicing Fee paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans Servicer with respect to the related Collection Period and or Periods, as the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to datecase may be;
(xivvi) the per annum interest rate for the next Payment Date, for any series or class of Securities with a variable or adjustable interest rate;
(vii) the amount, if any, withdrawn from or credited to each Loan Groupof the SWIFT 2007-AE-1 Reserve Funds;
(viii) the accumulated interest and principal shortfalls, the aggregate Special Hazard Lossesif any, Fraud Losses, Bankruptcy Losses and losses caused by on each series or resulting from an Extraordinary Event with respect to the related Collection Period class of Securities and the aggregate of change in each of such losses amounts from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such preceding Payment Date;
(xviix) the aggregate Servicing Fees for the related Collection Period Trust Charge-Offs and Reallocated Principal Amounts allocated to each series or class of Securities and the aggregate amount of Draws for change in such amounts from the related Collection Periodpreceding Payment Date;
(xviix) the number and amount balance of any increases in the Credit Limits each of the Home Equity Loans during the related Collection Period;
(xviii) the Group I Overcollateralization AmountSWIFT 2007-AE-1 Reserve Funds, the Group II Overcollateralization Amountif any, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following on such Payment Date and the Group II Required Overcollateralization Amount immediately following date after giving effect to changes therein or any distributions therefrom on such Payment Datedate; and
(xixxi) the number and principal amount balance of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Dateeach Accumulation Account, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occurif any, on the Business Day following the related Determination Date, the Master Servicer shall forward such date after giving effect to the Indenture Trustee, a statement of changes therein or any distributions therefrom on such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsdate.
(b) The Master Servicer shall, on behalf Within the prescribed period of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time for tax reporting purposes after the end of each calendar yearyear during the term of this Agreement, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee and the Administrator shall furnish (or cause to make be furnished), to each Person who at any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee time during such calendar year shall have been a holder of record of Notes or Certificates, respectively, and received any liability with respect to the Master Servicer's failure to properly prepare or file payment thereon, a statement containing such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission Code and applicable Treasury Regulations to enable such Securityholder to prepare its federal income tax returns.
(c) A copy of each statement provided pursuant to Section 4.8(a) shall be made available for inspection at the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersCorporate Trust Office.
Appears in 1 contract
Sources: Trust Sale and Servicing Agreement (Superior Wholesale Inventory Financing Trust 2007-Ae-1)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date and (ii) the Indenture Owner Trustee shall include with each distribution to each Certificateholder of record as of the related Record Date a statement, prepared by the Master Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇4.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodNotes);
(ii) the amount paid as principal of such distribution allocable to interest (stated separately for each Class of Notes);
(iii) the Noteholders of Interest Distributable Amount for each Class of Notes;
(iiiiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest of any Interest Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest immediately preceding Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved]the amount of the Servicing Fee paid to the Master Servicer with respect to the related Collection Period;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment DateClass A Principal Distributable Amount, the amount paid to Class B Principal Distributable Amount, the Credit Enhancer in reimbursement for prior draws Class C Principal Distributable Amount and the aggregate amount of prior draws under the Policies not yet reimbursedClass D Principal Distributable Amount;
(vii) for with respect to each Class of Loan Group I, Loan Group II-A and Loan Group II-BNotes, the amount of such distribution as principal and interest to the Certificateholders excess, if any, of the Certificates, separately stating amount distributable in respect of principal on such Class of Notes over the portion thereof which resulted in a reduction amount allocated for the payment of the Certificate Loan Balance thereofprincipal on such Class of Notes;
(viii) the aggregate Loan Balance of Aggregate Net Liquidation Losses for the Home Equity Loans in each Loan Group as of the end of the preceding related Collection Period;
(ix) the aggregate amount Principal Balance of Additional Balances Delinquent Contracts as of the close of business on the Group II Loans created during the previous last day of such Collection Period conveyed to the IssuerPeriod;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case Aggregate Principal Balance as of the end close of business on the related last day of such Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for principal amount of each Class of Class I Notes and Class II Notesas of such Distribution Date, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Periodafter giving effect to payments allocated to principal reported under clause (i) above;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan GroupCertificate Distributable Amount;
(xiii) the aggregate Excess Loss Amounts with respect amount on deposit in the Spread Account on such Distribution Date, after giving effect to the Group I Loans distributions made on such Distribution Date, and the Group II Loans with respect to change in such balance from the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to dateimmediately preceding Distribution Date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period Overcollateralization Amount and the aggregate amount by which the Aggregate Principal Balance exceeds the Outstanding Amount of each the Notes (after giving effect to any payments made to Holders of such losses from all Collection Periods to datethe Notes on that Distribution Date);
(xv) for each the disposition amounts withdrawn from the Spread Account, including the amounts used to increase the level of Loan Group Iovercollateralization to the Overcollateralization Amount, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on Excess Spread Amount, if any, for such Payment Distribution Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection PeriodNet Collections;
(xvii) during the number and amount of any increases in Pre-Funding Period, the Credit Limits of amount, if any, withdrawn from the Home Equity Loans Pre-Funding Account to purchase Subsequent Receivables during the related Collection Period;; and
(xviii) for the Group I Overcollateralization first Distribution Date immediately following the end of the Pre-Funding Period, the Remaining Pre-Funding Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal if any. Each amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished set forth pursuant to clauses (i), (ii), (iv) and (iiiv) above, the amounts above shall be expressed in the aggregate and as an aggregate a dollar amount per Variable Funding $1,000.00 original principal amount of a Note.
(b) Within a reasonable period of time after the end of each calendar year, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on but not later than the Business Day following the related Determination Datelatest date permitted by law, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to each Person who at any time during such calendar year shall have been a Holder of a Note a statement or statements, prepared by the Credit Enhancer notice Master Servicer, which in the aggregate contain the sum of the amounts set forth in clauses (i), (ii), (iv) and (v) of above for such calendar year or, in the event such Person shall have been a Holder of a Note during a portion of such Amortization Event or Servicing Defaultcalendar year, includingfor the applicable portion of such year, for the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholderspurposes of such Noteholder's preparation of federal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsreturns.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Sale and Servicing Agreement (WFS Receivables Corp 3)
Statements to Securityholders. (a) With respect to On each Payment Distribution Date, on the Business Day following the related Determination Date, the Master Servicer shall forward to (i) the Indenture Trustee shall include with each distribution to each Noteholder of record as of the related Record Date and (ii) the Indenture Owner Trustee shall include with each distribution to each Certificateholder of record as of the related Record Date a statement, prepared by the Master Servicer, based on the information in the Distribution Date Statement furnished pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇4.09, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth for such Distribution Date the following information (as of the "Servicing Certificate") related Record Date or such Distribution Date, as to the Notes and Certificates, to the extent applicablecase may be:
(i) the amount of such distribution allocable to principal (stated separately for each Class of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodNotes);
(ii) the amount paid as principal of such distribution allocable to interest (stated separately for each Class of Notes);
(iii) the Noteholders of Interest Distributable Amount for each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) the Class A-3B Rate for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate related Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DatePeriod;
(v) [Reserved]the amount of any Interest Carryover Shortfall on such Distribution Date and the change in such amounts from those with respect to the immediately preceding Distribution Date;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount Servicing Fee paid to the Credit Enhancer in reimbursement for prior draws and Master Servicer with respect to the aggregate amount of prior draws under the Policies not yet reimbursedrelated Collection Period;
(vii) the Aggregate Net Liquidation Losses for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofrelated Collection Period;
(viii) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group Delinquent Contracts as of the end close of business on the preceding last day of such Collection Period;
(ix) the aggregate amount Aggregate Principal Balance as of Additional Balances the close of business on the Group II Loans created during the previous last day of such Collection Period conveyed to the IssuerPeriod;
(x) the principal amount of each Class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clause (i) above;
(xi) the Certificate Distributable Amount;
(xii) the amount on deposit in the Spread Account on such Distribution Date, after giving effect to distributions made on such Distribution Date, and the change in such balance from the immediately preceding Distribution Date;
(xiii) the Overcollateralization Amount and the amount by which the Aggregate Principal Balance exceeds the Outstanding Amount of the Notes (after giving effect to any payments made to Holders of the Notes on that Distribution Date);
(xiv) the disposition amounts withdrawn from the Spread Account, including the amounts used to increase the level of overcollateralization to the Overcollateralization Amount, and the Excess Spread Amount, if any, for each such Distribution Date;
(xv) the amount of Loan Group INet Collections;
(xvi) the amount on deposit in the Secondary Spread Account on such Distribution Date, Loan Group II-A after giving effect to distributions made on such Distribution Date, and Loan Group II-B, the number and aggregate Loan change in such balance from the immediately preceding Distribution Date;
(xvii) the Aggregate Principal Balances of Home Equity Loans all Contracts which were delinquent (aA) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, (B) 60-89 days, (iii) 90-119 days and 90 (iv) 120 days or more days, respectively, (b) that are foreclosed and (c) that have become REOmore, in each case as of the end last day of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvi) the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Period;
(xvii) the number and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;
(xviii) during the Group I Overcollateralization AmountPre-Funding Period, the Group II Overcollateralization Amountamount, if any, withdrawn from the Undercollateralization Amount, Pre-Funding Account to purchase Subsequent Contracts during the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment DatePre-Funding Period; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans andfirst Distribution Date immediately following the end of the Pre-Funding Period, the aggregate outstanding principal amount of such release agreements expressed Remaining Pre-Funding Amount, if any, as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount close of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount business of the Capitalization Workouts expressed as a percentage last day of the respective Pool Balancerelated Collection Period. In the case of information furnished Each amount set forth pursuant to clauses (i), (ii), (v) and (iiivi) above, the amounts above shall be expressed in the aggregate and as an aggregate a dollar amount per Variable Funding $1,000.00 original principal amount of a Note.
(b) Within a reasonable period of time after the end of each calendar year, Term Note or Certificate, as applicable, with a $1,000 denomination. If an Amortization Event or Servicing Default shall occur, on but not later than the Business Day following the related Determination Datelatest date permitted by law, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to each Person who at any time during such calendar year shall have been a Holder of a Note a statement or statements, prepared by the Credit Enhancer notice Master Servicer, which in the aggregate contain the sum of the amounts set forth in clauses (i), (ii), (v) and (vi) of above for such calendar year or, in the event such Person shall have been a Holder of a Note during a portion of such Amortization Event or Servicing Defaultcalendar year, includingfor the applicable portion of such year, for the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholderspurposes of such Noteholder's preparation of federal income tax returns. In addition, the Master Servicer shall forward furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably requested by necessary under applicable law for the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer preparation of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunderreturns. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.ARTICLE SIX
Appears in 1 contract
Sources: Sale and Servicing Agreement (WFS Financial 2005-3 Owner Trust)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment unpaid Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap and the amount of any Interest Shortfalls or Group II-B Net WAC Cap Shortfalls, if anyfor the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment DateDate and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed;
(v) [Reserved]the amount of such distribution to the Certificateholders;
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid Additional Balance Increase Amount payable to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursedCertificateholders;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixviii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiix) the Note Rate for each Class number and aggregate Principal Balance of Class I Notes and Class II Notes, Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period;
(x) the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xi) prior to the second Determination Date following the commencement of the Rapid Amortization Period, the aggregate amount of Additional Balances created during the previous Collection Period and conveyed to the Issuer prior to the commencement of such Rapid Amortization Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of each Class of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvixiv) the aggregate Servicing Fees for balance of the related Collection Period Pre-Funding Account, Funding Account, the Reserve Sub-Account and Capitalized Interest Account as of the aggregate amount end of Draws for the related preceding Collection Period;
(xviixv) the number and amount of any increases in the Credit Limits Percentage Interest applicable to each of the Home Equity Loans during the related Collection PeriodSecurities, after application of payments made on such Payment Date;
(xviiixvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and as of the Group II Required Overcollateralization Amount immediately following such Payment Dateend of the preceding Collection Period; and
(xixxvii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 denomination25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. If an a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Servicer's becoming aware of any Early Amortization Event, the Servicer shall forward to the Indenture Trustee, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Credit Enhancer Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the Master same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.ctslink.com". Assistance in u▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇e can be obtained by calling the Indenture Trustee's customer service desk at (301) 815-6600. Parties that a▇▇ ▇▇▇▇▇▇ ▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the acceptance of a disclaimer in connection with access to its website.
(b) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and the Reserve Sub-Account and deposited into the Note Payment Account, Reserve Sub-Account, Funding Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bc) The Master If the Note Balance of the Variable Pay Revolving Notes is to be reduced on any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not later than 12:00 Noon (New York time) on behalf of the Depositor and in respect of second Business Day prior to such Payment Date, deliver a written notice to the Trust, sign and cause to be filed with Administrative Agent specifying the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing amount of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holdersreduction.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following preceding the related Determination Date, the Master Servicer shall forward the Servicing Certificate and shall prepare and deliver to the Indenture Trustee and the Credit Enhancer, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make a monthly statement available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a . The monthly statement setting shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, Collections and (b) Principal Collections and (c) Substitution Adjustment Amounts Collections, for such Collection Periodthe related period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect such distribution to the payments made on such Payment DateCertificateholders;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Stated Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Due Period, the aggregate Stated Principal Balance of the fixed rate Mortgage Loans, and the aggregate Stated Principal Balance of the adjustable rate Mortgage Loans;
(ixvi) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Stated Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related Collection preceding Due Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xivii) the Note Rate number and aggregate Stated Principal Balances of Land Loans (a) as to which the Monthly Payment is delinquent for each Class of Class I Notes 30-59 days, 60-89 days, 90-119 days, 120-149 days and Class II Notes150-179 days, the Group I Net WAC Raterespectively, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for (b) the related Collection Mortgaged Property of which has been foreclosed upon and (c) as to which the related Mortgaged Property has become REO Property, in each case as of the end of the preceding Due Period; provided, however, that such information shall not be provided on the statements relating to the first Payment Date;
(xiiviii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts and Substitution Adjustment Amounts with respect to the related Collection PeriodPayment Date, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods Payment Dates to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xi) the Overcollateralization Amount and the Required Overcollateralization Amount as of the Payment Date;
(xii) the weighted average of the Net Loan Rates for the Mortgage Loans for the related Collection Period and the aggregate amount of Draws for the related Collection Due Period;
(xviixiii) any Deficiency Amount;
(xiv) the number and Twelve Month Loss Amount (minus the amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;Recovery Amounts); and
(xviiixv) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Rolling Three Month Delinquency Rate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such two preceding Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceDates. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Depositor, the Credit Enhancer, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In additionThe Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, the Master Credit Enhancer, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance ▇▇ ▇▇▇▇▇ ▇▇▇ ▇ebsite can be obtained by calling the customer service desk at (800) 524-9472. Parties that ar▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇ 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) [Reserved].
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(bd) The Master On or before 2:00 P.M. New York time on each Business Day immediately preceding each Payment Date, the Servicer shallshall either (i) deposit in the Note Payment Account from its own funds, on behalf of or funds received therefor from the Depositor and Subservicers, an amount equal to the Advances to be made by the Servicer in respect of the Trustrelated Payment Date, sign which shall be in an aggregate amount equal to the aggregate amount of Monthly Payments (with each interest portion thereof adjusted to the Net Loan Rate), less the amount of any related Servicing Modifications, Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and cause Sailors' Civil Relief Act of 1940, as amended, on the Mortgage Loans outstanding as of the related Due Date, which Monthly Payments were delinquent as of the close of business as of the related Determination Date; provided that no Advance shall be made if it would be a Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial Account and deposit in the Note Payment Account all or a portion of the Amount Held for Future Distribution in discharge of any such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any portion of the Amount Held for Future Distribution so used shall be replaced by the Servicer by deposit in the Note Payment Account on or before 11:00 A.M. New York time on any future Business Day immediately preceding each Payment Date to the extent that funds attributable to the Mortgage Loans that are available in the Custodial Account for deposit in the Note Payment Account on such Payment Date shall be filed with the Commission any periodic reports less than payments to Securityholders required to be filed under made on the provisions following Payment Date. Such allocations shall be conclusive for purposes of reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10(a). The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the Exchange Act, Servicer delivered to the Depositor and the rules and regulations of Indenture Trustee. If the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register determines as of the end of each calendar year, (II) copies of all pleadings, other legal process and Business Day preceding any other documents relating Note Payment Account Deposit Date that it will be unable to any claims, charges and complaints involving deposit in the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, Note Payment Account an amount equal to the actual knowledge of a Responsible Officer of Advance required to be made for the Indenture Trusteeimmediately succeeding Payment Date, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) it shall give notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant Trustee of its inability to this Agreementadvance (such notice may be given by telecopy), not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to deposit. Neither Not later than 3:00 P.M., New York time, on the Master Servicer nor Note Payment Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day the Indenture Trustee shall have any liability with respect been notified in writing (by telecopy) that the Servicer shall have directly or indirectly deposited in the Note Payment Account such portion of the amount of the Advance as to which the Servicer shall have given notice pursuant to the Master Servicer's failure preceding sentence, pursuant to properly prepare or file such periodic reports resulting from or relating to Section 7.01, (a) terminate all of the Master Servicer's inability or failure to obtain any information not resulting from rights and obligations of the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed Servicer under this Agreement in accordance with the Commission in connection with this clause Section 7.01 and (b) shall include a certification, signed by assume the senior officer in charge obligations of the servicing functions of Servicer hereunder, including the Master Servicer, obligation to deposit in the form attached as Exhibit E hereto or Note Payment Account an amount equal to the Advance for the immediately succeeding Payment Date and such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), rights and obligations set forth in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the CommissionSection 7.02 hereof. In connection with the Form 10-K Certification, the The Indenture Trustee shall provide deposit all funds it receives pursuant to this Section 4.01 into the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersNote Payment Account.
Appears in 1 contract
Sources: Servicing Agreement (Residential Asset Mortgage Prod Inc Gmacm Mor Ln Tr 2003-Gh1)
Statements to Securityholders. (a) With respect to On or before each Payment Date, the Owner Trustee shall (except as otherwise provided in the Trust Agreement) include with each distribution to each Certificateholder to be made on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee such date and the Indenture Trustee shall include with each distribution to each Term Noteholder and each Revolving Noteholder to be made on such date, a statement (which statement shall also be provided to the Rating Agencies) prepared by the Servicer based on information in the Servicer’s Accounting furnished pursuant to Section 3.26 3.05 of the Indenture shall forward or cause Pooling and Servicing Agreement. Except as otherwise set forth in the Officer’s Issuance Certificate with respect to any series of Notes, each such statement to be forwarded by mail or made available on its website initially located at "www.jpmorgam.com/sfr," delivered to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting Securityholders shall set forth the following information (concerning the "Servicing Certificate") as to Term Notes, the Revolving Notes and or the Certificates, as appropriate, with respect to such Payment Date or the extent applicablepreceding Collection Period:
(i) for each the amount, if any, of Loan Group I, Loan Group II-A the distribution allocable to principal on the Term Notes and Loan Group II-B, Revolving Notes and to the aggregate amount of (a) Interest Collections, (b) Principal Collections and (c) Substitution Adjustment Amounts for such Collection PeriodCertificate Balance;
(ii) the amount paid as principal amount, if any, of the distribution allocable to the Noteholders interest on or with respect to each series or class of each Class of NotesSecurities;
(iii) the aggregate Outstanding Amount for each of Loan Group I, Loan Group II-A and Loan Group II-Bthe Term Notes, the amount paid Outstanding Amount of the Revolving Notes and the Certificate Balance, each as interest of such date and after giving effect to all payments reported under clause (i) above (or, in the Noteholders case of each Class any Revolving Notes during the Revolving Period, unless principal payments thereon are required on such Payment Date, as of Notes, separately stating the portion thereof in respect last day of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anysuch Collection Period);
(iv) for each the amount of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaid, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made outstanding Servicer Advances on such Payment Datedate;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount Monthly Servicing Fee paid to the Credit Enhancer in reimbursement for prior draws and the aggregate amount of prior draws under the Policies not yet reimbursed;
(vii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereof;
(viii) the aggregate Loan Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ix) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent for 30-59 days, 60-89 days and 90 or more days, respectively, (b) that are foreclosed and (c) that have become REO, in each case as of the end of the related Collection Period; provided, however, that such information will not be provided on the statements relating to the first Payment Date;
(xi) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars and as a percentage of the aggregate Cut-off Date Loan Balance for such Loan Group;
(xiii) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans Servicer with respect to the related Collection Period or Periods, as the case may be;
(vi) the per annum interest rate for the next Payment Date, for any series or class of Securities with a variable or adjustable interest rate;
(vii) the amount, if any, withdrawn from or credited to each of the SWIFT [•] Reserve Funds or from other forms of credit enhancement;
(viii) the accumulated interest and principal shortfalls, if any, on each series or class of Securities and the aggregate change in each of such amounts from the preceding Payment Date;
(ix) the Trust Charge-Offs and Reallocated Principal Amounts allocated to each series or class of Securities and the change in such amounts from the preceding Payment Date;
(x) the balance of each of the Excess Loss Amounts with respect SWIFT [•] Reserve Funds, if any, on such date after giving effect to changes therein or any distributions therefrom on such date;
(xi) the Group I Loans balance of each Accumulation Account, if any, on such date after giving effect to changes therein or any distributions therefrom on such date;
(xii) the number and dollar amount of Receivables at the beginning and end of the applicable Collection Period, and the Group II Loans from all weighted average coupon of the Receivables held by the Trust;
(xiii) loss information for the applicable Collection Periods to datePeriod and any material changes in determining or defining charge-offs and uncollectible accounts;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses material breaches of pool asset representations and losses caused by warranties or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to datetransaction covenants;
(xv) for each of Loan Group Iany material modifications, Loan Group II-A and Loan Group II-B, the Security Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution of principal on such Payment Dateperiod or that, cumulatively, have become material over time;
(xvi) [information on ratio, coverage or other tests used for determining an early amortization or other performance trigger and whether the aggregate Servicing Fees for the related Collection Period and the aggregate amount of Draws for the related Collection Periodtrigger was met;]
(xvii) [information regarding any new issuance of asset-backed securities backed by the number same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additional or removals in connection with a revolving period and amount of any increases in the Credit Limits of the Home Equity Loans during the related Collection Period;pool asset substitutions and repurchases; and]
(xviii) [any material changes in the Group I Overcollateralization Amountsolicitation, the Group II Overcollateralization Amountcredit-granting, the Undercollateralization Amountunderwriting, the Special Hazard Amount for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note origination or Certificateacquisition criteria or procedures, as applicable, with a $1,000 denomination. If an Amortization Event used to acquire or Servicing Default shall occur, on select the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement of such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligationsnew pool assets.]
(b) The Master Servicer shall, on behalf Within the prescribed period of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of time for tax reporting purposes after the end of each calendar yearyear during the term of this Agreement, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee and the Administrator shall furnish (or cause to make be furnished), to each Person who at any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee time during such calendar year shall have been a holder of record of Notes or Certificates, respectively, and received any liability with respect to the Master Servicer's failure to properly prepare or file payment thereon, a statement containing such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission Code and applicable Treasury Regulations to enable such Securityholder to prepare its federal income tax returns.
(c) A copy of each statement provided pursuant to Section 4.8(a) shall be made available for inspection at the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the HoldersCorporate Trust Office.
Appears in 1 contract
Sources: Trust Sale and Servicing Agreement (Wholesale Auto Receivables Corp)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make the Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a statement setting copy to the Enhancer. The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof amount thereof, if any, payable in respect of Prepayment accrued and unpaid interest, Interest ShortfallsCarry Forward Amount:, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if anythe amount of any accrued and unpaid interest for the related Payment Date and the amount of any Interest Carry Forward Amount for the related Payment Date;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidInsured Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Mortgage Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Mortgage Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, (minus any Subsequent Net Recovery Amounts) and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Mortgage Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Mortgage Loans for the related Collection Period;
(xviixiv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Mortgage Loans repurchased pursuant to Section 3.15 herein during the related such Collection Period;
(xviiixv) Net Liquidation Proceeds, net of any related Foreclosure Profit, for such Collection Period;
(xvi) the Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount aggregate Subsequent Net Recovery Amounts for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment DateCollection Period; and
(xixxvii) the number and principal amount aggregate Principal Balance of release agreements pursuant Subsequent Mortgage Loans transferred to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool BalanceTrust Estate. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. In the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar amount with a $1,000,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. In addition, the Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Payment Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall be presumptively deemed to be correct for all purposes hereunder and the Owner Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
Appears in 1 contract
Sources: Servicing Agreement (Gmacm Home Equity Loan Trust 2004-He5)
Statements to Securityholders. (a) With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and a computer file containing mutually agreed upon loan level information to the Indenture Trustee Trustee, and the Indenture Trustee Trustee, pursuant to Section 3.26 of the Indenture Indenture, shall forward or cause to be forwarded by mail or made make such Servicing Certificate available on its website initially located at "www.jpmorgam.com/sfr," to each ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent Agent, the ISDA Counterparty and each Rating Agency, a statement setting . The Servicing Certificate shall set forth the following information (the "Servicing Certificate") as to the Notes and Certificates, to the extent applicable:
(i) for each of Loan Group I, Loan Group II-A and Loan Group II-BGroup, the aggregate amount of (a) Interest Collections, (b) Principal Collections Collections, and (c) Substitution Adjustment Amounts for such Collection Period;
(ii) the amount paid of such distribution as principal to the Noteholders of each Class of Notes;
(iii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount paid of such distribution as interest to the Noteholders of each Class of Notes, separately stating the portion thereof in respect of Prepayment Interest Shortfalls, Relief Act Shortfalls, Group II-A Relief Act Shortfalls, Group II-B Relief Act Shortfalls, Group I Net WAC Cap Shortfalls, Group II-A Net WAC Cap Shortfalls or Group II-B Net WAC Cap Shortfalls, if any;
(iv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Interest Distribution Amount remaining unpaidPolicy Draw Amount, if any, for each Class of Class I Notes and Class II Notes, after giving effect to the payments made on such Payment Date;
(v) [Reserved];
(vi) the amount of any draw on the Group I Policy or the Group II Policy for such Payment Date, the amount paid to the Credit Enhancer in reimbursement for prior draws Date and the aggregate amount of prior draws under on the Policies Policy thereunder not yet reimbursed;
(viiv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the amount of such distribution as principal and interest to the Certificateholders of the Certificates, separately stating the portion thereof which resulted in a reduction of the Certificate Loan Balance thereofCertificateholders;
(viiivi) the aggregate Loan Principal Balance of the Home Equity Loans in each Loan Group as of the end of the preceding Collection Period;
(ixvii) the aggregate amount of Additional Balances on the Group II Loans created during the previous Collection Period conveyed to the Issuer;
(x) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the number and aggregate Loan Principal Balances of Home Equity Loans (a) as to which the Minimum Monthly Payment is Delinquent delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and 90 or more 150-179 days, respectively, (b) that are the related Mortgaged Property of which has been foreclosed upon and (c) that have as to which the related Mortgaged Property has become REOREO Property, in each case as of the end of the related preceding Collection Period; provided, however, that such information will shall not be provided on the statements relating to the first Payment Date;
(xiviii) the Note Rate for each Class of Class I Notes and Class II Notes, the Group I Net WAC Rate, the Group II-A Net WAC Rate and the Group II-B Net WAC Rate for the related Collection Period;
(xii) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Noteholders in respect of any Liquidation Loss Distribution Amounts with respect to the Notes, and the aggregate of the Liquidation Loss Amounts from all Collection Periods to date expressed as dollars dollar amount and as a percentage of the aggregate Cut-off Off Date Loan Balance for such Loan GroupPrincipal Balances of the Home Loans;
(xiiiix) the aggregate Excess Loss Amounts with respect to the Group I Loans and the Group II Loans with respect to the related Collection Period and the aggregate of the Excess Loss Amounts with respect to the Group I Loans and the Group II Loans from all Collection Periods to date;
(xiv) for each Loan Group, the aggregate Special Hazard Losses, Fraud Losses, Bankruptcy Losses and losses caused by or resulting from an Extraordinary Event with respect to the related Collection Period and the aggregate of each of such losses from all Collection Periods to date;
(xv) for each of Loan Group I, Loan Group II-A and Loan Group II-B, the Security Note Balance of each related Class of Notes and the Certificate Principal Balance of the related Certificates after giving effect to the distribution of principal on such Payment Date;
(xvix) the aggregate Servicing Fees amount on deposit in each of the Pre-Funding Account and Capitalized Interest Account as of the end of the preceding Collection Period;
(xi) the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date;
(xii) the Overcollateralization Amount as of the end of the preceding Collection Period;
(xiii) the amount of any payment to be made to the designee or designees of the Credit Enhancer with respect to such Payment Date pursuant to Sections 3.05(a)(i) and 3.30 of the Indenture and the Limited Reimbursement Agreement;
(xiv) the weighted average of the Net Loan Rates for the related Collection Period and the aggregate amount of Draws Home Loans for the related Collection Period;
(xviixv) the number and amount aggregate Principal Balance of any increases in the Credit Limits of the Home Equity Loans repurchased pursuant to Section 3.15(a) herein during the related Collection Period;; and
(xviiixvi) the Group I Overcollateralization Amount, aggregate Principal Balance of Subsequent Home Loans transferred to the Group II Overcollateralization Amount, the Undercollateralization Amount, the Special Hazard Amount Trust Estate for each Loan Group, the Fraud Loss Amount for each Loan Group, the Bankruptcy Loss Amount for each Loan Group, the Group I Required Overcollateralization Amount immediately following such Payment Date and the Group II Required Overcollateralization Amount immediately following such Payment Date; and
(xix) the number and principal amount of release agreements pursuant to Section 3.05(c) entered into during the calendar year and since the Closing Date, stated separately, for the Group II Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance for Loan Group II with information provided separately with respect to all Unsecured Loans and (2) the number and principal amount of Capitalization Workouts pursuant to Section 3.02(a)(v) entered into during the calendar year and since the Closing Date, stated separately for each of Loan Group I, Loan Group II-A and Loan Group II-B and the aggregate outstanding amount of the Capitalization Workouts expressed as a percentage of the respective Pool Balance. In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Variable Funding Note, Term Note or Certificate, as applicable, with a $1,000 25,000 denomination. If an Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall forward or cause to be forwarded by mail to each Certificateholder, each Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement of to such effect, including the nature of such Amortization Event or Servicing Default. The Indenture Trustee shall deliver or cause to be delivered by mail to the Credit Enhancer notice of such Amortization Event or Servicing Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. The Indenture Trustee will make the monthly statement to Securityholders (and, at its option, any additional files containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at "www.abs.bankone.com". Assistance in ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ can be obtained by calling Indenture Trustee's customer service desk at 800-524-9472. Parties that are una▇▇▇ ▇▇ ▇▇▇ ▇he above 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 Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.
(b) In addition, with respect to each Payment Date, on the Master Business Day following the related Determination Date, the Servicer shall forward to the Credit Enhancer and the Rating Agencies the following information for each Capitalization Workout entered into during the related Collection Period:
(i) the original Home Equity Loan amount;
(ii) the Home Loan amount after the Capitalization Workout;
(iii) the original Monthly Payment amount;
(iv) the Monthly Payment amount after the Capitalization Workout;
(v) the Capitalized Amount as defined in Section 3.02(a)(v) herein;
(vi) the CLTV prior to the Capitalization Workout;
(vii) the CLTV after the Capitalization Workout; and
(viii) if an appraisal was used in determining the CLTV referred to in (vii) above, the type and date of appraisal.
(c) The Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to Section 3.03. The determination by the Master Servicer of such amounts shall shall, in the absence of obvious error, be presumptively deemed to be presumptively correct for all purposes hereunder hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition, upon the Issuer's written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations.
(b) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust, sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to the Master Servicer (I) a list of Holders as shown on the Certificate Register and the Note Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges and complaints involving the Indenture Trustee, as indenture trustee hereunder, or the Trust that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote of the Holders, other than those matters that have been submitted to a vote of the Holders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to the Holders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer's inability or failure to obtain any information not resulting from the Master Servicer's own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection with this clause (b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit E hereto or such other form as may be required or permitted by the Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit F. This Section 4.01(b) may be amended in accordance with this Agreement, but without the Rating Agency confirmations otherwise required by Section 8.01, and without the consent of the Holders.
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Sources: Servicing Agreement (Residential Asset Mortgage Products Inc)