Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03; (iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances; (iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03; (vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03; (viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and (x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof. (b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority: (i) to make distributions to Certificateholders in accordance with Section 4.01; (ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05; (iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b); (iv) to reimburse itself pursuant to Section 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and (vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998-Nc6), Pooling and Servicing Agreement (New Century Mortgage Securities Inc), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998 -Nc4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Asset Backed Cert 1996-Lb2), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Lb2), Pooling and Servicing Agreement (Salomon Broth Mor Sec Vii Asset Bac Float Rt Cer Se 1997 Lb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.,
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.), Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (Park Place Securities, Inc.)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The . On each Distribution Date, the Trustee shall, from time shall be entitled to time, make withdrawals withdraw from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself Account amounts to which it is entitled pursuant to Section 8.05;
(iii) 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account pursuant to Section 3.12 and pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. The Trustee shall also be entitled, from time to time, to make withdrawals (without duplication) from the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) , to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) or to clear and terminate the Distribution Account pursuant to Section 9.01in connection with the termination of the Trust Fund in accordance with Article IX.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (New Century Asset Backed Fl Rt Cert Sers 1997-Nc5), Pooling and Servicing Agreement (New Century Asset Backed Floating Rate Cert Ser 1998-Nc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) reserved; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator and the Paying Agent, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Paying Agent shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Paying Agent or the Trustee for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-8), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) without limiting any Nonrecoverable right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage LoanLoan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in . Reconciliations will be prepared by the form described under Section 4.03(d) shall suffice Servicer for such written notification to the Trustee in respect hereofCollection Account within 30 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to the Cap Account in accordance with Section 4.08;
(ii) to make distributions to Certificateholders in accordance with Section 4.01;
(iiiii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to pay any Extraordinary Trust Fund Expenses;
(vii) to reimburse the Trust Administrator or the Trustee for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Servicer) to the same extent the Servicer would be entitled to reimbursement under Section 3.11(a);
(viii) to pay the Credit Risk Manager the Credit Risk Manager Fee; and
(viix) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 10.01(g)(iii3.26;
(vii) to reimburse itself for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgag Loan Trust Series 2003-Up3), Pooling and Servicing Agreement (Salomon Bro Mor Sec Vii Inc Citigroup Mor Ln Tr Ser 2003-Up2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Monthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Monthly Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Monthly Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. In addition to the foregoing, the Trustee shall be entitled to withdraw amounts from the Distribution Account and to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments as required pursuant to Section 4.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 and any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 10.01(g)(iii3.26;
(vii) to reimburse itself for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ncm2), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Mortgage Pass-Through Certificates, Series 2004-Ncm1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees and Administration Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees of Administration Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee and the Administration Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator and the Paying Agent, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Paying Agent shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Paying Agent or the Trustee for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub-Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay itself any Prepayment Interest Excess; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vi) to make any deposits into the Swap Account in accordance with Section 4.07; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2005-C), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-D)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub-Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 10.01(g)(iii3.26;
(vii) to reimburse itself for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Union Planters Mortgage Loan Trust Series 2001-Up1), Pooling and Servicing Agreement (Union Planters Mort Pass THR Cert Ser 2000-Up1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I unreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan or REO Property and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw amounts deposited therein in error;
(xi) to pay itself any Prepayment Interest Excess (to the extent not otherwise retained);
(xii) to withdraw amounts deposited therein in error; and
(xxiii) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee and the NIMS Insurer on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (viiii)(c) and (viivi) above; provided that an Officer's ’s Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to the Swap Account in accordance with Section 4.08;
(ii) to make distributions to Certificateholders in accordance with Section 4.01;
(iiiii) to pay to itself amounts to which it is entitled the Trustee Fee and any Extraordinary Trust Fund Expenses pursuant to Section 8.05;
(iiiiv) to pay to the Master Servicer itself on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(ivv) to reimburse itself pursuant to Section 7.02;
(vvi) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01. The foregoing requirements for withdrawal from the Distribution Account shall be exclusive. In the event the Trustee shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub-Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay itself any Prepayment Interest Excess; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vi) to make any deposits into the Swap Account in accordance with Section 4.07; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (New Century Mortgage Securities Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rt Cer Se 1999-Nc5), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Nc4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee Trust Administrator in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Argent Securities Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Reporting Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee and expenses pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Floating Rate Mort Pass Through Cert Series 2000-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes purposes, without priority, or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer or the Trustee for P&I Payment Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Payment Advances were made in accordance with the provisions of Section 4.034.03 or Section 7.02; provided that, unless the Master Servicer has been terminated hereunder, no such Payment Advances shall be reimbursed to the Master Servicer until all Payment Advances, if any, made by the Trustee have been reimbursed to the Trustee;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Liquidation Proceeds, Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds Collections and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse (provided, however, that if in the good faith business judgment of the Master Servicer Servicer, any unreimbursed Servicing Advance will not be ultimately recoverable from related Late Collections, Liquidation Proceeds or any Sub- Servicer for Servicing AdvancesInsurance Proceeds on such Mortgage Loan, then withdrawal from the general funds in the Collection Account, without regard to the limitation set forth above, will be permitted);
(iv) subject to Section 3.12(b), to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date first Business Day and no later than the fifth Business Day of the succeeding month, any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer or the Trustee for any P&I Payment Advance previously made which the Master Servicer or the Trustee has determined to be a Nonrecoverable P&I Payment Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee certified by a Servicing Officer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(h)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub-Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay itself any Prepayment Interest Excess; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vi) to make any deposits into the Swap Account in accordance with Section 4.07;
(vii) to pay to the Pool Insurer the Pool Insurer Fee pursuant to Section 3.13; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-B)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in and the Trust Administrator respect of clause (vi) hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2002-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(viii) to pay to the Master Servicer on a Servicer Remittance Date the excess of aggregate Prepayment Interest Excesses for the related Distribution Date over aggregate Prepayment Interest Shortfalls for such Distribution Date; and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.
01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided PROVIDED that an Officer's Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii9.01(g); and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers MRT Sec Vii Inc Ast Bk Fl Rt CRT Sr 1997lb3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub-Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Guarantor (with respect to the Group I-A Loans) or the Trustee, as the case may be, Trustee for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Guarantor and the Certificate Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders Certificateholders, the Certificate Insurer and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2004-A)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerSellers, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which it each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2003 Ust-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trustee Fees.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer and the Trust Administrator, respectively, shall, from time to time, make withdrawals from the Collection Account or the Distribution Account, as applicable, for any of the following purposes or as described in Section 4.034.01:
(i) on or prior to the Remittance Date, to remit to the Trustee Trust Administrator for deposit in into the Distribution Account all Available Funds in respect of the related Distribution Date together with all amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to representing Prepayment Premiums from the first sentence of Section 3.10(d);Mortgage Loans received during the related Prepayment Period; Fremont 2006-C Pooling & Servicing Agreement
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.01;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Subservicer (aA) any unpaid Servicing Fees, Fees or (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Condemnation Proceeds, Insurance Proceeds received with respect to such Mortgage Loanor other amounts as may be collected by the Servicer from a Mortgagor, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds or otherwise received with respect to such Mortgage Loan are insufficient to reimburse (or the Master Servicer or any Sub- Servicer for Servicing Advancesrelated REO Property);
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may beOriginator, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c) this Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for (A) any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii);
(vii) to pay, or to reimburse the Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15;
(viii) to pay to the Master Servicer the Master Servicing Fee;
(ix) in the event W▇▇▇▇ Fargo Bank, N.A. ceases to be Master Servicer and Trust Administrator hereunder but continues to provide services as custodian of the Mortgage Loans, to pay to W▇▇▇▇ Fargo Bank, N.A. the Custodial Fee;
(x) to reimburse the Servicer, the Depositor, the Master Servicer, the Swap Administrator, the Trust Administrator or the Depositor Trustee for expenses incurred by or reimbursable to the Servicer, the Depositor, the Trustee, the Master Servicer or the DepositorTrust Administrator, as the case may be, pursuant to Section 6.03this Agreement;
(viiixi) to reimburse the Servicer, the Master Servicer Servicer, the Swap Administrator, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase repurchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; Fremont 2006-C Pooling & Servicing Agreement
(xii) to pay to the Swap Administrator, for payment to the Swap Provider, any Net Swap Payment or Swap Termination Payment (other than Swap Termination Payments resulting from a Swap Provider Trigger Event) owed to the Swap Provider, as provided in the Swap Administration Agreement;
(ixxiii) to pay, or to reimburse withdraw any amounts deposited in the Master Servicer for Servicing Advances Collection Account in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b)error; and
(xxiv) to clear and terminate the Collection Account pursuant upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to Section 9.01. in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made.
(b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (iia)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeDepositor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (viia)(vi) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-C)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), (A) to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (B) subject to Section 4.03(b), any unreimbursed Advances to the extent of funds held in the Collection Account for future distribution that were not included in the Available Distribution Amount for the preceding Distribution Date;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee and the Trust Administrator on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself the Trust Administrator or to the Trustee amounts to which it the Trust Administrator or the Trustee, as the case may be, is entitled pursuant to Section 8.058.05 and any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mort Loan Trust Inc Asset Bk Pas THR Ce Se 03 He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Master Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, MLMCI or the SellerMortgage Loan Originator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer Servicer, as applicable, has determined in good faith to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;[reserved]
(viii) to reimburse the Master Servicer Servicer, or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement, or in respect of a breach or defect under Section 2.04 of this Agreement, that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Certificate Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) . The Trustee shall, from time to time, make withdrawals shall withdraw from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer Account on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01as additional compensation.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees and unpaid Administration Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee and the Administration Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the Certificate Insurer, and the Paying Agent, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Paying Agent shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Paying Agent or the Trustee for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(c), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(c), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) 3.27 all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to pay the Servicer any Prepayment Interest Excess on the Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.023.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to pay the Master Servicing Fee to the Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Sec Corp Hom Eq Ln Tr Ser 2003-Op1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee Trust Administrator in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.0110.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salom BRS MRT Sec Vii Call FLT Rt Mt Ps Th Cer Ser 1998 Nc5)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Fl Rt MR Pa Th Cer Ser 2000 Lb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount or the Interest Coverage Account (other than interest or investment income earned on funds deposited in the Pre-Funding Account and transferred to the Interest Coverage Account pursuant to Section 4.07(c)(iv));
(v) to pay to the Master Servicer, the Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Reporting Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee and expenses pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Floating Rate Mort Pass Through Cert Series 2000-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Monthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Monthly Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Monthly Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. In addition to the foregoing, the Trustee shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I P& I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I P& I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse toreimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I P& I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I P& I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and;
(vi) to pay to an Advancing Person reimbursements for P& I Advances and/or Servicing Advances pursuant to Section 3.26;
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01.; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2001-Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Monthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- the Servicer (a) any unpaid Master Servicing Fees, (b) Fees or Servicing Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to (a) the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount and (b) Master Servicer on the Master Servicer Remittance Date, the Master Servicing Fee and all prepayment penalties;
(v) to pay to the Master Servicer, the Depositor or the Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Monthly Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Servicer and the Trustee pursuant to Section 9.01(c) and 9.01(f); , respectively, and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Servicer and the Trustee pursuant to Section 9.01(c) and 9.01(f), respectively; and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only any unreimbursed Advances to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments ), Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances made with respect to the final liquidation of a Mortgage LoanLoan that, upon a Final Recovery Determination with respect to such Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Loan pursuant to Section 3.16(b);
(viii) if the Master Servicer is a successor Master Servicer, to reimburse such Master Servicer for Servicing Transfer Costs to the extent set forth in Section 3.06;
(ix) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;; 71
(viiix) to reimburse the Master Servicer or the Trustee, as the case may be, itself for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b9.01(c)(i); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee Fee pursuant to Section 4.01 and Section 8.05;
(iii) to pay any amounts in respect of taxes pursuant to Section 9.01(g);
(iv) to clear and terminate the Distribution Account pursuant to Section 10.01;
(v) to pay any amounts required to be paid to the Master Servicer on each Distribution Date as servicing compensation Trustee pursuant to this Agreement, including but not limited to funds required to be paid pursuant to Section 3.06, Section 7.02 and Section 8.05;
(vi) to pay to the Trustee, any interest or investment income earned on funds deposited in the Distribution Account Account;
(vii) to pay to an Advancing Servicer reimbursements for Advances and/or Servicing Advances pursuant to Section 3.12(b)3.29;
(ivviii) to reimburse itself pursuant remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii3.10(d); and
(viix) to clear and terminate pay to New South Federal Savings Bank any amount required to be paid by the Trustee to New South Federal Savings Bank from amounts on deposit in the Distribution Account pursuant to Section 9.016.06.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Sec Corp New South Home Equity Trust 2001-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.05;Section
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.28;
(vi) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brother Mort Sec Inc Sal Hm Eq Ln Tr Ser 2002 Wmc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Mortgage Loan Tr 2001-3 as-BCKD Cert Ser 2001-3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerMortgage Loan Originator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer Servicer, as applicable, has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer Servicer, or the Depositor for expenses incurred by or reimbursable to the Master Servicer Servicer, or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to pay the Servicer any Prepayment Interest Excess on the Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Securities Administrator amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.03(d);
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. In addition to the foregoing, the Trustee shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bro Mort Sec Vii Inc as Bk Fix & Fl Rte Ce Se 1996-8)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and;
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01.; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon BRS MRT Sec Vii Inc New Cent Hm Eq L Tr Ser 2001-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator as agent for the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMs Insurer, the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeNIMs Insurer, the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself or the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g)(iv); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2000 1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03purposes:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03hereof;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Master Servicing Fees and Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Master Servicing Fee) any investment earnings on the Master Servicer Remittance Date any interest or investment income earned amounts on funds deposited deposit in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the applicable Seller, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) as contemplated hereunder all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03hereof;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(viii) to pay to the Master Servicer on a Master Servicer Remittance Date any Payoff Interest not required to be included in any related Compensating Interest Payment for such date;
(ix) to pay to ▇▇▇▇▇▇▇▇▇ any Retained Interest and prepayment penalties received from the related Servicer by the Master Servicer on the Mortgage Loans; and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viiivii) and (ixviii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii9.01(g);
(iii) to pay, itself the Trustee's Portion of Distribution Account Income; and
(viiv) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acc Inc Mort Loan Pas THR Certs Ser 01 2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the related Originator, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Servicing Advance which is nonrecoverable in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay itself any interest income earned on funds deposited in the Distribution Account (other than the portion payable to the Master Servicer New Century) pursuant to Section 3.12(c) and to pay to New Century on each Distribution Date as servicing compensation any interest or on investment income earned on funds deposited in into the Distribution Account by New Century pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the related Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Solomon Bros Mort Sec Vii Inc Fl Rt MRT Ps THR Cert 1999 3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which it each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Ser 2002-Ust1 Mort Pass-THR Cert)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to pay to the Servicer any Prepayment Interest Excess on the Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2004-Hs1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect prior to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may beapplicable, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, pay or to reimburse the Master Servicer for Servicing Advances made by it in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Seller and the Trustee pursuant to Section 9.01(c) and 9.01(f); , respectively, and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Monthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Distribution Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 2.04 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Monthly Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Monthly Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 2.04 or Section 2.04 2.05 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. In addition to the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account and to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments as required pursuant to Section 4.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, NC Capital or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw amounts deposited therein in error; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee and the NIMS Insurer on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer itself on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P& I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Ser 2002-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Indenture Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d3.18(d), to reimburse the Master Servicer for P&I Monthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d3.18(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Distribution Account;
(v) to pay to the Master Servicer, the Depositor or the SellerSponsor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) 2.05 all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Monthly Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Monthly Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Indenture Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 2.05 or Section 2.04 2.06 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.18(b); and
(x) to clear and terminate the Collection [Collection] Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof10.01.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Securities Administrator amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.028.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMS Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trustee Fees.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 1999-NCC)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage LoanLoan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Trust Administrator or the Trustee for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Servicer) to the same extent the Servicer would be entitled to reimbursement under Section 3.11(a);
(vii) to pay the Credit Risk Manager the Credit Risk Manager Fee; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Asset Bk Fl Rte Ce Se 1996 Lb3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer Servicer, the Trustee or the Fiscal Agent for P&I Payment Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(h)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Aq2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount or the Interest Coverage Account (other than interest or investment income earned on funds deposited in the Pre-Funding Account and transferred to the Interest Coverage Account pursuant to Section 4.07(c)(iv));
(v) to pay to the Master Servicer, the Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMs Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay itself any Prepayment Interest Excess; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee and the NIMs Insurer on or prior to the next succeeding Master Servicer Remittance Reporting Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee and expenses pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and;
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(vii) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Float Rate Mort Pa Th Cer Ser 2001-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Servicer and the Trustee pursuant to Section 9.01(c) and 9.01(f); , respectively, and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Mort Loan Trust 2002-1as Back Cert Ser 2002-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the SellerResponsible Parties, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 3.02(b) or Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay itself to the extent permitted under Section 3.06;
(xi) to withdraw any funds deposited in the Collection Account in error; and
(xxii) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(v) to pay to an Advancing Servicer reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vi) to withdraw any funds deposited in the Distribution Account in error;
(vii) to pay itself the Trustee Fee pursuant to Section 8.05; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Ln Tr Se 2003 B)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) if the Master Servicer is the Trust Administrator, to pay to the Trust Administrator the related portion of the Administration Fee; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Mort Pas Th Ce Ser 2000-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer and the Trust Administrator, respectively, shall, from time to time, make withdrawals from the Collection Account or the Distribution Account, as applicable, for any of the following purposes or as described in Section 4.034.01:
(i) on or prior to the Remittance Date, to remit to the Trustee Trust Administrator for deposit in into the Distribution Account all Available Funds in respect of the related Distribution Date together with all amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to representing Prepayment Premiums from the first sentence of Section 3.10(d)Mortgage Loans received during the related Prepayment Period;
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.01;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Subservicer (aA) any unpaid Servicing Fees, Fees or (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Condemnation Proceeds, Insurance Proceeds received with respect to such Mortgage Loanor other amounts as may be collected by the Servicer from a Mortgagor, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds or otherwise received with respect to such Mortgage Loan are insufficient to reimburse (or the Master Servicer or any Sub- Servicer for Servicing Advancesrelated REO Property);
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may beOriginator, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c) this Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for (A) any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii);
(vii) to pay, or to reimburse the Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15;
(viii) to pay to the Master Servicer the Master Servicing Fee; Fremont 2006-D Pooling & Servicing Agreement
(ix) in the event W▇▇▇▇ Fargo Bank, N.A. ceases to be Master Servicer and Trust Administrator hereunder but continues to provide services as custodian of the Mortgage Loans, to pay to W▇▇▇▇ Fargo Bank, N.A. the Custodial Fee;
(x) to reimburse the Servicer, the Depositor, the Master Servicer, the Swap Administrator, the Trust Administrator or the Depositor Trustee for expenses incurred by or reimbursable to the Servicer, the Depositor, the Trustee, the Master Servicer or the DepositorTrust Administrator, as the case may be, pursuant to Section 6.03this Agreement;
(viiixi) to reimburse the Servicer, the Master Servicer Servicer, the Swap Administrator, the Trust Administrator, the NIM Insurer, if any, or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase repurchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof;
(ixxii) to paypay to the Swap Administrator, for payment to the Swap Provider, any Net Swap Payment or Swap Termination Payment (other than Swap Termination Payments resulting from a Swap Provider Trigger Event) owed to reimburse the Master Servicer for Servicing Advances Swap Provider, as provided in respect of, expenses incurred the Swap Administration Agreement;
(xiii) to withdraw any amounts deposited in connection with any Mortgage Loan pursuant to Section 3.16(b)the Collection Account in error; and
(xxiv) to clear and terminate the Collection Account pursuant upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to Section 9.01. in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made.
(b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (iia)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeDepositor and the NIM Insurer, if any, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (viia)(vi) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-D)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Home Equity Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Home Equity Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Home Equity Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Home Equity Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Home Equity Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Home Equity Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Home Equity Loan by Mortgage Home Equity Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Series 2000 Lb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer SubServicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof10.01.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Nc3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer SubServicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Trustee shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01. In addition, on each Distribution Date, the Trustee shall be entitled to withdraw from the Distribution Account amounts to which it is entitled pursuant to Section 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account and pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Br Mor Sec Vii Inc New Cen Ast BCK Fl Rt Ce 1997 Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor related Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 and any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(iv) to pay to an Advance Financing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.28;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (National City Mortgage Capital LLC)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;; 107
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Mort Loan Tr 2001-4 as Bk Cert Ser 2001-4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMS Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligationobligation but only from the amounts received with respect to the Group I/II Mortgage Loans if such enforcement expenses are incurred in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such enforcement expenses are incurred in respect of a Group III Mortgage Loan; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b), but only from the amounts received with respect to the Group I/II Mortgage Loans if such advances are in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such advances are in respect of a Group III Mortgage Loan; and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses; pro rata, based on the aggregate Stated Principal Balances of the Group I/II Mortgage Loans and the Group III Mortgage Loans;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer, but only from the amounts received with respect to the Group I/II Mortgage Loans if such reimbursement is in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such reimbursement is in respect of a Group III Mortgage Loan;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and, but only from the amounts received with respect to the Group I/II Mortgage Loans if such taxes are in respect of a REMIC I/II‑1, REMIC I/II‑2, REMIC I/II‑CX or REMIC I/II‑PX and only from the amounts received with respect to the Group III Mortgage Loans if such taxes are in respect of a REMIC III‑1, REMIC III‑2, REMIC III‑CX or REMIC III‑PX;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27, but only from the amounts received with respect to the Group I/II Mortgage Loans if such advances are in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such advances are in respect of a Group III Mortgage Loan;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer, but only from the amounts received with respect to the Group I/II Mortgage Loans if such fee is in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such fee is in respect of a Group III Mortgage Loan; and
(x) to pay itself the Trustee Fees, but only from the amounts received with respect to the Group I/II Mortgage Loans if such fee is in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such fee is in respect of a Group III Mortgage Loan.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The . On each Distribution Date, the Trustee shall, from time shall be entitled to time, make withdrawals withdraw from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself Account amounts to which it is entitled pursuant to Section 8.05;
(iii) 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account pursuant to Section 3.12 and pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. The Trustee shall also be entitled, from time to time, to make withdrawals (without duplication) from the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) , to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) or to clear and terminate the Distribution Account pursuant to Section 9.01in connection with the termination of the Trust Fund in accordance with Article IX.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer Servicers shall, from time to time, make withdrawals from the Collection Account Accounts for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master related Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master related Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the related Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master related Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account;
(v) to pay to the Master Servicer, the Depositor related Servicer or the Seller, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master related Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master related Servicer or the Depositor for expenses incurred by or reimbursable to the Master related Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the related Servicer, the Master Servicer Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master related Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) with respect to Ocwen to pay Ocwen any Prepayment Interest Excess on the Ocwen Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing FeesFee) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase repurchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.035.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Servicer and the Trustee pursuant to Section 9.01(c) and 9.01(f), respectively;
(ix) to pay or reimburse the Servicer for certain indemnification amounts as described in Section 10.03; and
(x) to clear and terminate the Collection Account pursuant to Section 9.0111.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers’ Certificate in the form described under Section 4.03(d5.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 5.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0111.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Provident Funding Mortgage Pass-Through Cert Series 2003-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer Servicers shall, from time to time, make withdrawals from the Collection Account Accounts for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master related Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master related Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the related Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master related Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account;
(v) to pay to the Master Servicer, the Depositor related Servicer or the Seller, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master related Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master related Servicer or the Depositor for expenses incurred by or reimbursable to the Master related Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the related Servicer, the Master Servicer Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master related Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to pay the related Servicer any Prepayment Interest Excess on the Mortgage Loans serviced by such Servicer (to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Terwin Mort Trust Series TMTS 2003 6he)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes purposes, without priority, or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I unreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan or REO Property and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, NC Capital or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw amounts deposited therein in error;
(xi) to pay itself any Prepayment Interest Excess (to the extent not otherwise retained);
(xii) to withdraw amounts deposited therein in error; and
(xxiii) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee and the NIMS Insurer on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (viiii(c)) and (viivi) above; provided that an Officer's ’s Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled any Extraordinary Trust Fund Expenses pursuant to Section 8.05;
(iii) to pay the Credit Risk Manager the Credit Risk Manager Fee;
(iv) to the Master Servicer pay to itself on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(ivv) to reimburse itself pursuant to Section 7.02;
(vvi) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vii) to make distributions to the Swap Account;
(viii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and
(viix) to clear and terminate the Distribution Account pursuant to Section 9.01. The foregoing requirements for withdrawal from the Distribution Account shall be exclusive. In the event the Trustee shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan and (B) any unpaid Servicing Fees with respect to second lien Mortgage Loans to the extent the Liquidation Proceeds or Insurance Proceeds are insufficient to reimburse the Master Servicer or any Sub- Servicer for pay such Servicing AdvancesFees;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor Company for expenses incurred by or reimbursable to the Master Servicer or the DepositorCompany, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to pay to the Servicer any Prepayment Interest Excess on the Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii));
(xi) to withdraw funds deposited in error or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial from the related Mortgagor's banking institution; and
(xxii) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; provided however, that the maximum amount that the Trustee can be paid pursuant to this clause shall not exceed $200,000 in any calendar year;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(v) to pay the Master Servicing Fee to the Master Servicer; and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2004-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Fm2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but with respect to unreimbursed Servicing Advances only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerAmeriquest, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase or substitution, as the case may bePurchase Price;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay the PMI Insurer the PMI Policy Premium under the PMI Policy; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees and Administration Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees and unpaid Administration Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee and the Administration Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xii) to pay the PMI Insurer the PMI Insurer Fee. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator and the Paying Agent, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Paying Agent shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Paying Agent or the Trustee for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-5)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Mort Sec Inc New Cent Hm Eq Ln Tr Ser 2000-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Depositor, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled the Trustee's Fee pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asset Bk Cert Ser 1998-Aq1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;4.04; 103
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; 104
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trustee Fees.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2002-5)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Originator, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.03 or a Servicing Advance which is nonrecoverable under clause (iii) above;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Fl Rte Pa THR Cer Ser 1999-Lbi)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Servicer and the Trustee pursuant to Section 9.01(c) and 9.01(f), respectively;
(ix) to pay or reimburse the Servicer for certain indemnification amounts as described in Section 6.03; and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01 hereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMS Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Reserve Fund, the Supplemental Interest Account and the Final Maturity Reserve Account in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trustee Fees.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Servicer, the Master Servicer Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trustee, Securities Administrator on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2003 Hs1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Certificate Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the NIMS Insurer, the Certificate Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders Certificateholders, the Certificate Insurer and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trustee Fee.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Sec Corp Mortgage Loan Trust 2002-4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Certificate Insurer, the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the NIMS Insurer, the Certificate Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders Certificateholders, the Certificate Insurer and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trust Administrator Fee.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Cert Ser 2002 3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(viii) to pay to the Master Servicer on a Servicer Remittance Date the excess of aggregate Prepayment Interest Excesses for the related Distribution Date over aggregate Prepayment Interest Shortfalls for such Distribution Date; and
(xix) to clear and terminate the Collection Account pursuant to Section 9.0110.
01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01Sections 4.01 and 8.05;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii9.01(g); and
(viiii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (United Panam Financial Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMS Insurer, the Guarantor, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the NIMS Insurer, the Guarantor and the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g)(iv);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);; 121
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.. 122
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01;
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and
(x) to pay itself the Trust Administrator Fees.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Ser 2002 2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the SellerSellers, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the TrusteeTrustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which it each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ust1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMs Insurer, the Master Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the NIMs Insurer and the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii10.01(g)(iv); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing FeeFees) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself (if the Trustee is not the Master Servicer) amounts to which it is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section Sections 7.01 and 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iv);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 10.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Series 2003-Nbc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trustee Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Home Equity Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Home Equity Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Home Equity Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the related Originator, the Depositor or the Seller, as the case may be, with respect to each Mortgage Home Equity Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Home Equity Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Home Equity Loan pursuant to Section 3.16(b); and
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Home Equity Loan by Mortgage Home Equity Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, and the Trust Administrator on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 2.01 and Section 8.05;
(iiii) to pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)[reserved];
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03:
(i) to remit to the Trustee Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(d);
(ii) subject to Section 3.16(d3.13(d), to reimburse the Master Servicer (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d3.13(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Master Servicer (including any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b); and
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, Securities Administrator on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.015.01;
(ii) to pay to itself itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 8.059.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b)8.02;
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004 Fm1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.06:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.06;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds received or other amounts as may be collected by the Master Servicer with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.06;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to clear and terminate the Collection Account pursuant to Section 9.0110.01; and
(xi) to reimburse the Master Servicer for amounts deposited in error. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect hereof.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(b3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 and 7.01(b);
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.0110.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)