Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof; (iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date; (iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b); (v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii); (vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); (x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and (xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above. (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 Depositor in accordance with Section 4.01; (ii) to pay any Extraordinary Trust Fund Expenses; (iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date; (iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer; (v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); (vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d); (vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series OOMC 2006-He3), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series OOMC 2006-He3), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series OOMC 2006-He5)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap5), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap6)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-He6)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a each Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Trustee and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Group 2 Mortgage Loans prior to the determination of Available Funds for Group 2;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller or the Servicer for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-He1), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on or gain realized from the investment of the funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6), Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Group 2 Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Jpmac 2006-Ch2), Pooling and Servicing Agreement (Jpmac 2006-Ch2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Master Servicer 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor Depositor, the Master Servicer, or the Seller for expenses incurred by or reimbursable to the Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(xii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date. The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Master Servicer 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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, pay itself the Master Servicing Fees to remit which it is entitled pursuant to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8A.05;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained Interest Excess and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b), other than any interest payments received with Principal Prepayments during the period from November 6, 2006 to November 15, 2006 which shall be paid to the Depositor;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7), Pooling and Servicing Agreement (Asset Backed Securities Corp Home Equity Loan Trust, Series RFC 2007-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable recoverabe from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Ln Tr Ser 2003he4), Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7), Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(c) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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 FeesFees payable to the Servicer) of Monthly Payments, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental and other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(c) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) payable to the Servicer and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental and other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that no Servicer shall be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees, Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b); and
(ix) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl3), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl4)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions distribution that were not included in Available Funds Distribution Amount for the preceding Distribution Date;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, all amounts received thereon subsequent to not included in the date of purchase Repurchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Repurchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(viv) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(viivi) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Fre1), Pooling and Servicing Agreement (Sg Mortgage Securities Trust 2006-Fre2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Master Servicer 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor Depositor, the Master Servicer, or the Seller for expenses incurred by or reimbursable to the Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Master Servicer 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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, pay itself the Master Servicing Fees to remit which it is entitled pursuant to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8A.05;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He8), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, as the case may be, Originator with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable recoverabe from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor Depositor, the Master Servicer or the Seller Originator for expenses incurred by or reimbursable to the Servicer, the Seller Originator, the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Trust Administrator on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit pay the Master Servicing Fee to the Loan Performance Advisor the LPA Fee with respect Master Servicer pursuant to such Distribution DateSection 3A.09;
(iv) to pay to itself the Trust Administration Fee pursuant to Section 8.05 and to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2003-B Asset Backed Certs)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.036.03 or any costs and damages actually incurred and paid by or on behalf of the Trust in connection with any violation by Mortgage Loan of (i) the representations and warranties set forth in Section 2.05(b) of this Agreement, (ii) Section 7.01(f) of the Mortgage Loan Purchase Agreement or (iii) the representations and warranties made in connection with “high-cost” home loans or any predatory or abusive lending laws in the Mortgage Loan Purchase Agreement;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions distribution that were not included in Available Funds for the preceding Distribution Date;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, 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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(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;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2005-Opt1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement provided however, that the Servicer shall be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii) of this Agreement, or
(C) to reimburse itself for any P&I Advance made from its own funds from the Amounts Held for Future Distribution and in accordance with Section 5.03(b);.
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Op1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, for (x) P&I Advances and Servicing Advances; the Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent payments of (a) P&I Advances, but only to the extent of amounts received principal and/or interest respecting which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which any such P&I Advances were Advance was made in accordance with the provisions of Section 4.03 or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds respecting which any ▇such Servicing Advance was made or (y) any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after made to the Final Recovery Determination extent of a Mortgage Loan funds held in the Collection Account for future distribution that are Nonrecoverable P&I Advances were not otherwise recoverable pursuant to subsection (ii)(a) hereofincluded in Available Funds for the preceding Distribution Date;
(iii) subject to Section 3.16(d)reimburse itself for unreimbursed Servicing Advances, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent that such amounts are deemed to be Nonrecoverable Advances, to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of funds held REO Property, to reimburse itself for such amounts to the extent that such P&I Advances or Servicing Advances have not been reimbursed at the time a Mortgage Loan has been modified and to reimburse itself for a Nonrecoverable Advance in the Collection Account for future distributions connection with any outstanding advances on a second lien Mortgage Loan that were not included in Available Funds for the preceding Distribution Datehas been written off pursuant to Section 3.07;
(iv) to pay itself to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itselfto the Servicer, the Originator, the Seller Depositor or the DepositorSponsor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)[reserved];
(vii) to reimburse itself, the Servicer or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself the Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself any Prepayment Interest Excess (to the extent not otherwise retained);
(x) to pay, or to reimburse itself the Servicer for advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(xxi) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xixii) to pay to itself withdraw any interest income earned on funds amounts deposited in the Collection Account pursuant to Section 3.12(b)in error. The 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), (viv), (viv), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iii) to reimburse the Trust Administrator or the Trustee pursuant to Section 7.02;
(iv) 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 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) [reserved]; and
(viii) 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 2007-Amc3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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 FeesFees payable to the Servicer) of Monthly Payments, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental and other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) payable to the Servicer and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to clear and terminate the Distribution Account pursuant to Section 9.0110.01; and
(viiiix) to pay the Excess Servicing Fee, if any, to itself any interest income earned on funds deposited in the Distribution Account Class CE-2 Certificateholder pursuant to Section 3.12(c5.01(e).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asl1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided, however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.06(a)(iii) of this Agreement;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Reserved;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp. Home Equity Loan Trust, Series 2006-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicerreserved;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicier in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Asap1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Class A2-B Certificate Insurer and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-Opt1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Back Pass-Through Certificates, Series 2004-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Master Servicer 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the OriginatorOriginators, the Seller or the Depositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor Depositor, the Master Servicer, or the Seller for expenses incurred by or reimbursable to the Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Master Servicer 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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, pay itself the Master Servicing Fees to remit which it is entitled pursuant to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8A.05;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He6)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the related Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen shall, from time to time, make withdrawals from the related 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself for any unreimbursed Servicing Advances with respect to each related Ocwen Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the related Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself itself, the Master Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Ocwen Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay itself any Prepayment Interest Excess on the related Mortgagor and Ocwen Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself or the Master Servicer pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer8.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Hm Equity Ln Trust Ser 2003-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Master Servicer 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ unreimbursed P&I Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor Depositor, the Master Servicer or the Seller for expenses incurred by or reimbursable to the Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Master Servicer 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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) to pay itself the Master Servicing Fees to which it is entitled pursuant to Section 8A.05;
(iv) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(ivv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(vvi) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vivii) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(viiviii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viiiix) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-Fld1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the related Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2006-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained Interest Excess and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b), other than any interest payments received with Principal Prepayments during the period from November 6, 2006 to November 15, 2006 which shall be paid to the Depositor;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, NIMs Insurer, if any, or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the NIMs Insurer, if any, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Asset Back Pass-THR Certs Ser 2004-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the OriginatorAmeriquest, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 4.03, (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds Proceeds, condemnation proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii)) and (C) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advance or Servicing Advance to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date, provided that such funds shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Collection Account on or before the next succeeding Servicer Remittance Date on which such funds would be due;
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He10)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental and other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, as the case may be, with respect to each Mortgage Loan serviced by the Servicer that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (Aincluding any successor to the Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited pay to itself any Recovery Fees in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and respect of net recoveries received on any Charged Off Loans pursuant to Section 3.13; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor Class A Certificate Insurer in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts in Section 7.01 were not reimbursed by Supplemental Interest Trust owed to the ServicerSwap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen shall, from time to time, make withdrawals from the related 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the related Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Ocwen Mortgage Loans to clear and terminate the Collection Account extent not retained pursuant to Section 9.013.08(a)(ii)); and
(xi) to pay to itself any interest income earned on funds deposited in clear and terminate the related Collection Account pursuant to Section 3.12(b)10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself or the Master Servicer pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer8.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004 He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the OriginatorOriginators, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicerreserved;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the compensation payable to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust 2005-He5)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided, however, the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(viv) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(viivi) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.036.03 or to reimburse any costs and damages actually incurred and paid by or on behalf of the Trust by the Trust, the Depositor, the Seller, the Servicer, the Trustee or the Securities Administrator in connection with any violation by Mortgage Loan of (i) the representations and warranties set forth in Section 2.06 of this Agreement or (ii) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to the extent such amount to be reimbursed is included in the Purchase Price;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06 of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to itself any interest income earned on funds deposited the extent such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (aSuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(c) of this Agreement 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 itself (including any Successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii) of this Agreement, or
(C) to reimburse itself for any P&I Advance made from its own funds from the Amounts Held for Future Distribution and in accordance with Section 5.03(b);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Op2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided, however, the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 Holders of the Class 1-A-1, Class 2-A-1-1, Class 2-A-1-3, Class 2-A-1-4, Class 2-A-1-5 and Class 2-A-1-7 Certificates, the Class 2-A-1-2 Underlying Interest, the Class 2-A-1-6 Underlying Interest, the Mezzanine Certificates, the Class CE Certificates, the Class P Certificates and the Depositor Class R Certificates in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the Servicerrelated Certificate Swap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
(xi) to reimburse itself pursuant to Section 5.03(b) for any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances (made from its own funds) from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in error the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts previously deposited are returned unpaid by the related Mortgagor and relate); and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) , (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Credit Risk Manager;
(vii) to pay the Master Servicing Fee to the Master Servicer; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Litton Mortgage Loans with respect to resp▇▇▇ ▇▇ which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Litton Mortgage Loan, but only to the ▇▇ ▇▇▇ extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Litton Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, as the case may be, with respect to each related Litton Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (Aincluding any successor to the Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);5.03; or
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Litton Mortgage Loan, including any expenses ▇▇▇ ▇xpenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any Litton Mortgage Loan pursuant p▇▇▇▇▇▇t to Section 3.16(b3.13(b);; and
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause subclauses (vi) and (vii) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Rm2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any unreimbursed P&I Advances remaini▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇&▇▇ Advances remaining after the Final Recovery Determination ▇▇▇al liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the related Originator, the Seller Depositor or the DepositorSeller, 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), as applicable, ) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)4.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d3.10(d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2002 He2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental and other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii);
(xi) to reimburse itself pursuant to Section 5.03(b) for any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances (made from its own funds) from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in error the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts previously deposited are returned unpaid by the related Mortgagor and relate); and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Wm2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions distribution that were not included in the Available Funds Distribution Amount for the preceding Distribution Date;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, 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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(v) [Reserved];
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Credit Risk Manager; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Opt2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller Originator or the Depositor, 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), as applicable, ) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)4.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and;
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). ; The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equ Loan Tr Ser 2003-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances made by the Seller or the Servicer prior to or following the Cut-off Date with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, 3.13(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 itself (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made which by the Seller or the Servicer prior to or following the Cut-off Date which it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer3.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Sd1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Trust, Series 2006-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer W▇▇▇▇ Fargo shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)and the Simple Interest Excess Sub-Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to W▇▇▇▇ Fargo) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer W▇▇▇▇ Fargo has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.06(a)(iii) of this Agreement;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The Servicer W▇▇▇▇ Fargo shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-He7)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen 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(b) or 3.08(c)or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(e);
(ii) subject to Section 3.16(d3.13(d), to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Ocwen Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the its Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (including any successor to Ocwen) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer Ocwen has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that Ocwen shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if Ocwen determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Ocwen Mortgage Loans Loan under Section 3.11(a)(iii)3.06;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any Ocwen Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds pay itself any Prepayment Interest Excess on the Ocwen Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii);
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and therein pursuant to Section 3.08(b); and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to WMMSC for any overages paid by WMMSC in connection with Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer4.20;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust, Series 2005-Sn1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
(xi) to reimburse itself for unreimbursed Servicing Advances made from its own funds deposited or, pursuant to Section 5.03(b), for any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances made from its own funds from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in error the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts previously deposited are returned unpaid by the related Mortgagor and relate); and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Credit Risk Manager;
(vii) to pay the Master Servicing Fee to the Master Servicer; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇un▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances ▇dvances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Trustee and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Group 2 Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller or the Servicer for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the related Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representations and warranties set forth in Section 2.06 of this Agreement or (y) (A) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Schedule 4 and 9 attached hereto, (B) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (fff), (jjj) and (kkk) of Schedule 5 attached hereto, (C) the representations and warranties made in paragraphs (f), (pp), (ww), (xx) and (kkk) of Schedule 6 attached hereto, (D) the representations and warranties made in paragraphs (f), (oo), (vv), (ww), (eee), (fff), (lll) and (ooo) of Schedule 7 attached hereto, and (E) the representations and warranties made in paragraphs (f), (qq), (xx), (yy) and (nnn) of Schedule 8 attached hereto to itself any interest income earned on funds deposited the extent such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller Originator or the Depositor, 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), as applicable, ) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)4.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and;
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b); and
(xii) to pay the Servicer any Prepayment Interest Excess for any Prepayment Period. The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Each Servicer shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(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(c) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(e) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination 5.03 of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereofthis Agreement;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances made by the Seller or the related Servicer prior to or following the Cut-off Date with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)and the Simple Interest Excess Sub-Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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), as applicable, 3.13(c) of this Agreement 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 itself (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it, which the related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided however, that a Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if such Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii);3.08(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification.
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii) of this Agreement;
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and
(xii) to clear and terminate the related Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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 related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to WAMU for any overages paid by WAMU in connection with Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer4.20 of this Agreement;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Provider;
(ix) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(f) of this Agreement; and
(x) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp. Home Equity Loan Trust, Series 2005-Sd3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental or other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
(xi) to reimburse itself for unreimbused Servicing Advances made from its own funds deposited or pursuant to, Section 5.03(b), for any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances made from its own funds from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in error the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate);
(xii) to the extent not previously deposited are returned unpaid by reimbursed pursuant to this Agreement, to reimburse itself for litigation expenses incurred in connection with performing its servicing duties hereunder, subject to the related Mortgagor and Servicer's indemnification obligations under Section 3.26; and
(xiii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) , (x), (xi) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixii) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Credit Risk Manager;
(vii) to pay the Master Servicing Fee to the Master Servicer; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He5)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the OriginatorAmeriquest, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 4.03, (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds Proceeds, condemnation proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii)) and (C) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advance or Servicing Advance to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date, provided that such funds shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Collection Account on or before the next succeeding Servicer Remittance Date on which such funds would be due;
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He4)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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 FeesFees payable to the Servicer) of Monthly Payments, Liquidation Proceeds, condemnation proceeds Payments or Insurance Proceeds rental and other income from the related REO Property on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) payable to the Servicer and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental and other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that no Servicer shall be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees, Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b); and
(ix) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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 applicable, 3.13(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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii));
(xi) to pay the PMI Insurer the PMI Insurer Fee; and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer3.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Rm1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He9)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateReserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-WMC-1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.036.03 or to reimburse any costs and damages actually incurred and paid by or on behalf of the Trust by the Trust, the Depositor, the Seller, the Servicer, the Securities Administrator or the Trustee in connection with any violation by Mortgage Loan of (i) the representations and warranties set forth in Section 2.06 of this Agreement or (ii) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to the extent such amount to be reimbursed is included in the Purchase Price;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06 of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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(c) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(e) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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 FeesFees payable to the Servicer) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination 5.03 of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereofthis Agreement;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) payable to the Servicer and reimburse itself any unreimbursed Servicing Advances made by the Sponsor or the Servicer prior to or following the Cut-off Date with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)and the Simple Interest Excess Sub-Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(c) of this Agreement 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 itself (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it, which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii);3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09.
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii) of this Agreement;
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer[reserved];
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b) of this Agreement; and
(ix) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sd3)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen shall, from time to time, make withdrawals from the related 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Ocwen Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the related Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c), as applicable, 3.13(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 itself (including any successor to Ocwen) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer Ocwen has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 provided however, that Ocwen shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if Ocwen determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Ocwen Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any Ocwen Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Ocwen Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer3.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-He4)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). ; The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[Reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and;
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Each Servicer shall, from time to time, make withdrawals from the related 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇unreimbursed P&I Advan▇▇▇ ▇&▇ Advances remaining ▇maining after the Final Recovery Determination final liquidation of a related Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any related Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the such Servicer from a related Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a related Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the such Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the related Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the related Originator, the Seller Depositor or the DepositorSeller, 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), as applicable, ) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the such Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)4.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller such Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the related Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Each Servicer shall keep and maintain separate accounting, on a related Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (viii) and (ix) above. The Each Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the related Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.02(b) or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the related Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the related Servicer any amount deposited in the Distribution Account by the such Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d3.10(d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Each 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(c) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d3.08(e);
(ii) subject to Section 3.16(d3.13(d), to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances made by the Seller or the related Servicer prior to or following the Cut-off Date with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, 3.13(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 itself (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by the Seller or the related Servicer prior to or following the Cut-off Date which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds pay to itself any Prepayment Interest Excess on the Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii));
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and therein pursuant to Section 3.08(b); and
(xii) to clear and terminate the related Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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 related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer3.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2005 SD1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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), as applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii); or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(f); and
(ix) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 of this Agreement:
(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) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateREO Property;
(iv) to pay to itself as servicing compensation (in addition to the Servicing FeeFee or any portion thereof payable to the Servicer) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSponsor, 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 applicable, 3.13(c) of this Agreement 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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement;
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.08(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds deposited pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
(xi) to reimburse itself pursuant to Section 5.03(b) for any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances (made from its own funds) from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in error the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts previously deposited are returned unpaid by the related Mortgagor and relate); and
(xii) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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), (v), (vi), (vii), (viii), (ix) , (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit pay the Credit Risk Management Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Credit Risk Manager;
(vii) to pay the Master Servicing Fee to the Master Servicer; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01 of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap1)
Withdrawals from the Collection Account and Distribution Account. (a) The Each Servicer shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(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(c) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(e) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination 5.03 of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereofthis Agreement;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances made by the Seller or the related Servicer prior to or following the Cut-off Date with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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), as applicable, 3.13(c) of this Agreement 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 itself (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it, which the related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03 of this Agreement; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii)3.06 of this Agreement;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b)3.13(b) of this Agreement;
(x) to withdraw funds pay to itself any Prepayment Interest Excess on the Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii) of this Agreement;
(xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and therein pursuant to Section 3.08(b) of this Agreement; and
(xii) to clear and terminate the related Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01 of this Agreement. The 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 related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viixi) above.
(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 and the Depositor in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02 of this Agreement;
(iv) to reimburse itself pursuant to WMMSC for any overages paid by WMMSC in connection with Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer4.20 of this Agreement;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust Series 2005-Sd2)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the OriginatorOriginators, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date[reserved];
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He7)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller Depositor or the DepositorSeller, 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), as applicable, ) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)4.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the Guarantor (with respect to the Group I Mortgage Loans only) or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Guarantor on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) to pay to itself any interest income earned on or prior funds deposited in the Distribution Account pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d3.10(d);; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Pass Through Certificates Ser 2002-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Schedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller itself or the DepositorSeller, 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), as applicable, 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 itself (Aincluding any successor Servicer) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii)5.03;
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller it or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself or the Master Servicer pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer8.02;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004-Op1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 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 Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(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 Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date;
(iv) to reimburse itself pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 Securities 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 itself or any Sub-Servicer for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the Servicing Fees) of Monthly Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateAdvances;
(iv) to pay itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(v) to pay itself, the Originator, the Seller or the Depositor, 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), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or 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 itself for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The 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), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.
(b) The Trustee Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Depositor in accordance with Section 4.01;
(ii) to pay any Extraordinary Trust Fund Expenses;
(iii) on to deposit into the Supplemental Interest Account the amount of any Net Swap Payment or prior to Swap Termination Payment (other than any Swap Termination Payment resulting from a Distribution Date, to remit Swap Provider Trigger Event) owed to the Loan Performance Advisor the LPA Fee Swap Provider from funds collected and received with respect to such Distribution Datethe Mortgage Loans prior to the determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to itself any interest income earned on funds deposited the extent that such amount to be reimbursed is included in the Distribution Account pursuant to Section 3.12(c)Purchase Price.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees or (b) and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay to itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, the Originator, the Seller to itself or the DepositorSeller, 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 applicable, 3.13(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 itself (including any successor to the Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03 and 5.03; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.08(a)(iii);; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification.
(vii) to reimburse itself, itself or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b);; and
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause subclauses (vi) and (vii) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pursuant to Section 7.01 pay any Net Swap Payment or Swap Termination Payment payable to the extent such amounts Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in Section 7.01 were not reimbursed by the ServicerSwap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);Master Servicer; and
(vii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Ag1)
Withdrawals from the Collection Account and Distribution Account. (a) The 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 itself or the Servicer (including any Sub-Servicer for, without duplication, (asuccessor 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, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds Payments on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03 or (b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof5.03;
(iii) subject to Section 3.16(d3.13(d), to pay itself or any Sub-the Servicer (a) any unpaid Servicing Fees or (b) 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, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances or (c) in accordance with 4.03(b) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution DateLoan;
(iv) to pay itself to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to the date such prepayment is applied by the Servicer to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)Account;
(v) to pay itself, to the Originator, the Seller Servicer or the DepositorSeller, 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), as applicable, 3.13(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 itself the Servicer (including any successor Servicer) for
(A) for any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing ▇&▇ ▇▇▇▇▇▇▇ ▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇ervicing Advance in accordance with the provisions of Section 4.03 and 5.03; or
(B) any unpaid Servicing Fees, Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans Loan under Section 3.11(a)(iii3.06(a)(iii);
(vii) to reimburse itself, the Servicer or the Depositor or the Seller for expenses incurred by or reimbursable to the Servicer, the Seller Servicer or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03;
(viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b3.13(b);
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by pay to itself any Prepayment Interest Excess on the related Mortgagor and Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and
(xi) to clear and terminate the Collection Account pursuant to Section 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b)10.01. The 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), (v), (vi), (vii), (viii), (ix) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (viix) above.
(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 and the Depositor in accordance with Section 4.015.01;
(ii) to pay to itself, the Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) on to reimburse itself or prior the Master Servicer pursuant to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution DateSection 8.02;
(iv) to reimburse itself pay to an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer3.25;
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii11.01(g)(v);
(vi) to remit pay the Master Servicing Fee to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d)Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viii) to clear and terminate the Distribution Account pursuant to Section 9.01; and
(viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)10.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Series HE2)