Common use of Withdrawals from the Collection Account Clause in Contracts

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5), Pooling and Servicing Agreement (Structured Asset Securities Corp), Pooling and Servicing Agreement (Hsi Asset Securitization Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Opt2), Pooling and Servicing Agreement (Hasco 2006-Opt-4), Pooling and Servicing Agreement (HSI Asset Securitization Corp Pass-Through Certs Series 2006-Opt1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Trustee shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Distribution Date, to remit make distributions and payments to the Master Servicer (A) the Master Servicing Fee with respect Certificateholders pursuant to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 7.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein to the Equity Certificateholder; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer's Certificate to the Trustee which describes the purpose of such withdrawal (a)(vi) aboveincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Trustee shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Trustee in trust for the Certificateholders, until disbursed in accordance with Section 5.01 or withdrawn or debited in accordance with this Section.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for (A) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Nc1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Administrator shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to the Master Servicer (A) Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (iii) To reimburse the Depositor or the Master Servicer to the extent permitted by Section 6.03; (iv) To withdraw any funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error and to pay such funds to the appropriate Person; (v) to To pay to the Mortgage Loan Seller, party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent paid with respect to the date Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of purchase competent jurisdiction and is returned to the Master Servicer or substitutionany Servicer, as such amount shall be redeposited into the case may beCollection Account by the Master Servicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to To clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) To reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Net Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) shall be accomplished by delivering an Officer's Certificate of the Master Servicer to the Administrator which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Administrator shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Administrator on behalf of the Indenture Trustee in trust for the benefit of the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 3 contracts

Sources: Sale and Servicing Agreement (HSBC Home Equity Loan Trust 2005-3), Sale and Servicing Agreement (HSBC Home Equity Loan Trust 2005-1), Sale and Servicing Agreement (HSBC Home Equity Loan Trust 2005-2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to timetime as provided herein, make withdrawals from the Collection Account maintained by it of amounts on deposit therein pursuant to Section 3.06 that are attributable to the Mortgage Loans for any of the following purposes or as described in Section 4.01:(without duplication): (i) on or to deposit in the Distribution Account, by the Servicer Remittance Date prior to each Remittance Distribution Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from collections on the Mortgage Loans received during required to be distributed from the related Prepayment PeriodDistribution Account on a Distribution Date; (ii) to reimburse the Servicer for P&I Advances, but only extent deposited to the extent of Collection Account, to reimburse itself or the related Subservicer for Servicing Advances paid to maintain individual insurance policies pursuant to Section 3.11, or Liquidation Expenses, paid pursuant to Section 3.13, such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) which represent Late Collections (net late recoveries of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to payments for which such P&I Advances expenses were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Datepaid, or from related Liquidation Proceeds; (iii) to pay to itself out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.15, an amount equal to the Servicer or any Subservicer related Servicing Fee (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect not retained pursuant to such Mortgage Loan (or the related REO PropertySection 3.06); (iv) to pay to itself or the Sponsor, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased by the Sponsor, the Servicer or other entity, all amounts received thereon and not required to be distributed to Certificateholders as servicing compensation (in addition to of the Servicing Fee) date on each Remittance Date any interest or investment income earned on funds deposited in which the Collection Accountrelated Repurchase Price is determined; (v) to pay reimburse the Servicer or any Subservicer for any unreimbursed Advance or Servicing Advance of its own funds or any unreimbursed advance of such Subservicer’s own funds, the right of the Servicer or a Subservicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced reimbursement pursuant to this Agreement, all subclause (v) being limited to amounts received thereon subsequent to on a particular Mortgage Loan (including, for this purpose, the date Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of purchase the principal of or substitutioninterest on such Mortgage Loan respecting which such Advance, as the case may beServicing Advance or advance was made; (vi) to reimburse the Servicer or any Subservicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for (A) any P&I Advance or Servicing Advance previously made which Advances expended by the Servicer has determined or such Subservicer pursuant to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance Section 3.13: (x) in accordance good faith in connection with the provisions restoration of Section 4.01 and the related Mortgaged Property which was damaged by the uninsured cause, (By) any unpaid Servicing Fees to in connection with the extent not recoverable from Late Collections liquidation of such Mortgage Loan, or other amounts received (z) with respect to an MI Claim Payment Advance made by the related Servicer with respect to such Mortgage Loan under Section 3.11(a)(iii)Loan; (vii) to pay, or to reimburse the Servicer or any Subservicer for any unreimbursed Nonrecoverable Advance previously made, and to reimburse any successor Servicer for any Servicing Advances Transfer Costs, including any legal fees or expenses relating to any such transfer, in respect ofeach case not paid by the transferring Servicer, expenses incurred in connection with any Mortgage Loan each case otherwise not reimbursed pursuant to this Section 3.153.07(a); (viii) to reimburse withdraw any other amount deposited in the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable Collection Account that was not required to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, be deposited therein pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.023.06; (ix) to reimburse the Master Servicer, Servicer for costs associated with the Servicer environmental report handling the presence of any toxic or the Trustee, hazardous substance on a Mortgaged Property as the case may be, for expenses reasonably incurred set forth in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofSection 3.13(c); (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon a termination of this Agreement.pursuant to Section 7.08; (bxi) The to pay to the Servicer income earned on Eligible Investments in the Collection Account; (xii) to pay to the MI Insurer the monthly MI Premiums due under each MI Policy from payments received (or Advances made) on account of interest due on the related Mortgage Loan; and (xiii) to make an Advance with respect to a Mortgage Loan that is Delinquent from funds held in the Collection Account as contemplated by Section 3.25, provided that the amount withdrawn for such an Advance is immediately deposited into the Distribution Account. Withdrawals made pursuant to clause (xii) shall be made on a first priority basis. In connection with withdrawals pursuant to clauses (ii), (iii), (iv), (v) and (vi), the Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, and 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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause such clauses. (a)(vib) aboveNotwithstanding the provisions of this Section 3.07, the Servicer may, but is not required to, allow the Subservicers to deduct from amounts received by them or from the related account maintained by a Subservicer, prior to deposit in the Collection Account, any portion to which such Subservicers are entitled as reimbursement of any reimbursable Advances made by such Subservicers.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Novastar Mortgage Funding Trust, Series 2007-1), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (Novastar Mortgage Funding Trust, Series 2007-1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each Remittance Date, to remit to the Master Servicer (A) Trustee the Master Servicing Fee with respect to such Distribution Date Interest Remittance Amount and (B) all Available Funds the Principal Remittance Amount in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, or other amounts as may be collected by the Servicer from a the related Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount and any Prepayment Interest Excesses; (v) to pay to the Mortgage Loan SellerUnaffiliated Seller or the related Originator, as applicable, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced by the Unaffiliated Seller or such Originator, as applicable, pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (Aa) 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 4.01 and (Bb) any unpaid Servicing Fees to the extent not recoverable from Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); provided, that this clause (b) shall only apply with respect to Servicing Fees to second lien Mortgage Loans; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Depositor, the Custodian or the Trustee for expenses and/or indemnities incurred by or reimbursable to the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Custodian or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Unaffiliated Seller, the Depositor, the Custodian or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, obligation to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to timetime as provided herein, make withdrawals from the Collection Account maintained by it of amounts on deposit therein pursuant to Section 3.06 that are attributable to the Mortgage Loans for any of the following purposes or as described in Section 4.01:(without duplication): (i) on or to deposit in the Distribution Account, by the Servicer Remittance Date prior to each Remittance Distribution Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from collections on the Mortgage Loans received during required to be distributed from the related Prepayment PeriodDistribution Account on a Distribution Date; (ii) to reimburse the Servicer for P&I Advances, but only extent deposited to the extent of Collection Account, to reimburse itself or the related Subservicer for Servicing Advances paid to maintain individual insurance policies pursuant to Section 3.11, or Liquidation Expenses, paid pursuant to Section 3.13, such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) which represent Late Collections (net late recoveries of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to payments for which such P&I Advances expenses were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Datepaid, or from related Liquidation Proceeds; (iii) to pay to itself out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.15, an amount equal to the Servicer or any Subservicer related Servicing Fee (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect not retained pursuant to such Mortgage Loan (or the related REO PropertySection 3.06); (iv) to pay to itself or the Sponsor, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased by the Sponsor, the Servicer or other entity, all amounts received thereon and not required to be distributed to Certificateholders as servicing compensation (in addition to of the Servicing Fee) date on each Remittance Date any interest or investment income earned on funds deposited in which the Collection Accountrelated Repurchase Price is determined; (v) to pay reimburse the Servicer or any Subservicer for any unreimbursed Advance or Servicing Advance of its own funds or any unreimbursed advance of such Subservicer’s own funds, the right of the Servicer or a Subservicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced reimbursement pursuant to this Agreement, all subclause (v) being limited to amounts received thereon subsequent to on a particular Mortgage Loan (including, for this purpose, the date Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of purchase the principal of or substitutioninterest on such Mortgage Loan respecting which such Advance, as the case may beServicing Advance or advance was made; (vi) to reimburse the Servicer or any Subservicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for (A) any P&I Advance or Servicing Advance previously made which Advances expended by the Servicer has determined or such Subservicer pursuant to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance Section 3.13: (x) in accordance good faith in connection with the provisions restoration of Section 4.01 and the related Mortgaged Property which was damaged by the uninsured cause, (By) any unpaid Servicing Fees to in connection with the extent not recoverable from Late Collections liquidation of such Mortgage Loan, or other amounts received (z) with respect to an MI Claim Payment Advance made by the Servicer with respect to such Mortgage Loan; provided, however, that reimbursements pursuant to clause (z) may only be made from MI Insurance Proceeds actually paid by the MI Insurer under the MI Policy related to such Mortgage Loan under Section 3.11(a)(iii)Loan; (vii) to pay, or to reimburse the Servicer or any Subservicer for any unreimbursed Nonrecoverable Advance or Servicing Advances Advance previously made, and to reimburse any successor Servicer for any Servicing Transfer Costs, including any legal fees or expenses relating to any such transfer, in respect ofeach case not paid by the transferring Servicer, expenses incurred in connection with any Mortgage Loan each case otherwise not reimbursed pursuant to this Section 3.153.07(a); (viii) to reimburse withdraw any other amount deposited in the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable Collection Account that was not required to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, be deposited therein pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.023.06; (ix) to reimburse the Master Servicer, Servicer for costs associated with the Servicer environmental report handling the presence of any toxic or the Trustee, hazardous substance on a Mortgaged Property as the case may be, for expenses reasonably incurred set forth in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofSection 3.13(c); (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon a termination of this Agreement.pursuant to Section 11.01; (bxi) The to pay to the Servicer shall keep and maintain separate accounting, income earned on Eligible Investments in the Collection Account; (xii) to pay to the MI Insurer the monthly MI Premiums due under each MI Policy from payments received (or Advances made) on account of interest due on the related Mortgage Loan; and (xiii) to make an Advance with respect to a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal that is Delinquent from the Collection Account, to the extent funds held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveas contemplated by Section 3.25, provided that the amount withdrawn for such an Advance is immediately deposited into the Distribution Account.

Appears in 3 contracts

Sources: Pooling and Servicing Agreements (Novastar Mortgage Funding Corp), Pooling and Servicing Agreements (Novastar Mortgage Funding Corp), Pooling and Servicing Agreements (Novastar Mortgage Funding Trust, Series 2006-6)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer, but only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the its Collection Account; (v) to pay to the Mortgage Loan SellerPurchaser, the Depositor or the Responsible Party, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay to the Servicer any unpaid Servicing Fees upon termination of the obligations of the Servicer; (viii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.15; (viiiix) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ixx) to reimburse the Master Servicer, 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 repurchase obligation as described in Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xxi) to withdraw any amounts deposited in the Collection Account in error or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xiii) to invest funds in Permi▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; (xiv) to recover any amounts deposited in error; and (xixv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trustee for the account of the Trustee interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the its Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (iv), (v), (vi), (viiviii), (viiiix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (FFMLT Trust 2005-Ff11), Pooling and Servicing Agreement (FFMLT Trust 2005-Ff8), Pooling and Servicing Agreement (FFMLT Trust 2005-Ff8)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Hsi Asset Securitization Corp), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes purposes, without priority, or as described in Section 4.014.03: (i) on or prior to each Remittance Date, to remit to the Master Servicer (ATrustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ixviii) to reimburse the Master Servicer, 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 repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (ix) [reserved]; (x) to withdraw pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any amounts deposited in the Collection Account in errorMortgage Loan pursuant to Section 3.16(b); and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (b) pursuant to Section 9.01. 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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vivii) above.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3), Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-1), Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior to (x) the third Business Day preceding each Remittance Distribution Date, to remit withdraw the lesser of the Available Funds then in the Collection Account and an amount equal to the Master Servicer (A) the Master Servicing Fee with respect to Guaranteed Distributions for such Distribution Date and (By) all on the related Deposit Date to withdraw the remaining Available Funds and Prepayment Charges, and, in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable each case, remit such funds to the Class P Certificateholders) from Trustee for deposit to the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer’s right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer’s right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advances; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect of, expenses incurred in connection with any of accrued interest and principal on the Mortgage Loan pursuant to Section 3.15Loans due on or before the related Cut-Off Date; (viii) to reimburse pay to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (d) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, imposed on 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xix) to withdraw any amounts deposited reimburse the Servicer for expenses incurred by it in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 7.03 hereof provided that such amount shall only be withdrawn following the withdrawal from the Collection Account in errorfor deposit into the Distribution Account pursuant to clause (i)(y) above; and (xix) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveapplicable Class R Certificateholders.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Eq Ln as Bk Cer Se 03 1), Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Ser 2002-4)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Administrator shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to the Master Servicer (A) Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (iii) To reimburse the Depositor or the Servicer to the extent permitted by Section 6.03; (iv) To withdraw any funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error and to pay such funds to the appropriate Person; (v) to To pay to the Mortgage Loan Seller, party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent paid with respect to the date Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of purchase competent jurisdiction and is returned to the Servicer or substitutionany Subservicer, as such amount shall be redeposited into the case may beCollection Account by the Servicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to To clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) To reimburse the Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Net Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) shall be accomplished by delivering an Officer’s Certificate of the Servicer to the Administrator which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer’s Certificate, the Administrator shall withdraw such amount for the account of the Servicer. All funds deposited by the Servicer in the Collection Account shall be held by the Administrator on behalf of the Indenture Trustee in trust for the benefit of the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 3 contracts

Sources: Sale and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2006-2), Sale and Servicing Agreement (HSBC Home Equity Loan Corp I), Sale and Servicing Agreement (HSBC Home Equity Loan Corp I)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) Trustee for deposit in the Master Servicing Fee with respect to such Distribution Date and (B) Account all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections payments of principal or interest (net of the related Servicing Fees) of Scheduled Payments on the related Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ or Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds or Unreimbursed Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Datedistribution; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property), and to reimburse the Servicer for Advances made at the time a Mortgage Loan was modified; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount and any additional servicing compensation set forth in Section 3.21; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Trust 2007-Cb2), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Cb5)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Administrator shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Distribution Date, to remit make distributions and payments to [the Master Servicer (A) the Master Servicing Fee with respect Certificate Insurer and] Certificateholders pursuant to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 7.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Servicer or any Subservicer, such amount shall be redeposited into the Collection Account by the Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein to the Class R Certificateholder; and (vii) to reimburse the Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer’s Certificate to the Administrator which describes the purpose of such withdrawal (a)(vi) aboveincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer’s Certificate, the Administrator shall withdraw such amount for the account of the Servicer. All funds deposited by the Servicer in the Collection Account shall be held by the Administrator on behalf of the Trustee in trust for the Certificateholders, until disbursed in accordance with Section 5.01 or withdrawn or debited in accordance with this Section.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I), Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer (A) Trustee the Master Servicing Fee with respect to such Distribution Date Interest Remittance Amount and (B) all Available Funds the Principal Remittance Amount in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Collections, Liquidation 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerUnaffiliated Seller or the related Originator, as applicable, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced by the Unaffiliated Seller or such Originator, as applicable, pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Unaffiliated Seller, the Depositor, the Class A Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, purchase obligation to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(via)(vii) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Cap I Inc MRT PSS THR Cert Se 2002-He3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2004-Nc2), Pooling and Servicing Agreement (Securitized Asset Backed Receivalbes LLC Trust 2004-Nc3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds (without reduction for amounts owed to the Depositor, the Trustee or the Custodian as provided for in the definition of "Available Funds") in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Sellerapplicable Responsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller any Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement.; (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) The Servicer shall be responsible for reviewing and reconciling the Collection Account in accordance with Accepted Servicing Practices. The Servicer shall act promptly to resolve any discrepancies.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior the related Deposit Date to withdraw the remaining Available Funds and Prepayment Charges, and, in each Remittance Datecase, to remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Securities Administrator for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodPayment Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer’s right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer’s right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 Advances and (B) any unpaid Servicing Fees related to a Mortgage Loan secured by a second lien on the related Mortgaged Property to the extent not recoverable from Late Collections or other amounts received with respect recovered pursuant to the related Mortgage Loan under Section 3.11(a)(iii)clause (ii) above; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect of, expenses incurred in connection with any of accrued interest and principal on the Mortgage Loan pursuant to Section 3.15Loans due on or before the related Cut-Off Date; (viii) to reimburse the Master Servicer, pay to the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Indenture Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (d) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, imposed on the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Indenture Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer or the Trustee, as the case may be, for expenses reasonably incurred by it in respect of the breach or defect giving rise to the repurchase obligation of connection with the Mortgage Loan Seller Loans or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid Notes and reimbursable pursuant to Section 5.03 hereof provided that such amount shall only be withdrawn following the terms hereof; (x) to withdraw any amounts deposited in withdrawal from the Collection Account in errorfor deposit into the Payment Account pursuant to clause (i) above; and (xix) to clear and terminate the Collection Account upon the termination of this Agreement and to pay any amounts remaining therein to the Certificateholders. The parties to this Agreement acknowledge that Servicing Advances shall be reimbursable pursuant to this Section 3.03, and agree that no reimbursement of a Servicing Advance shall be rejected or disallowed by any party unless it has been shown that such Servicing Advance was not made in accordance with the terms of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-3), Servicing Agreement (Renaissance Home Equity Loan Trust 2005-2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2004-Nc2), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc Trust 2004-Nc3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.014.03: (i) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the related Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerServicer, the Depositor or the Sponsor, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Master Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Master Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ixviii) to reimburse the Master Servicer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 or Section 2.04 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, ; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise paid pursuant to the terms hereofretained); (x) to pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); (xi) to clear and terminate the Collection Account pursuant to Section 9.01; and (xii) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Trustee, the Master ServicerServicer 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 (a)(vivii) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc2), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-Wmc2), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-Nc5)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-Wmc3), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-Wmc1)

Withdrawals from the Collection Account. (a) The Each Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Securities Administrator for deposit in the Distribution Account, all Available Funds (Awhich solely for purposes of this Section 3.11(a)(i) shall not be net of the Master Servicing Fee with respect to such Distribution Date and (BFee) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the applicable Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the such Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but in each case only to the extent of any Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or other amounts as may be collected by the such Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the such Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the such Servicer for (A) any unreimbursed P&I Advance or Servicing Advance previously made which the Servicer whi▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and 4.01, (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii), (C) any P&I Advance or Servicing Advance previously made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by such Servicer in accordance with the terms of this Agreement; provided that such Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification and shall reimburse itself after such modification only as otherwise permitted under the other clauses of this Section 3.11(a), and (D) any outstanding P&I Advance or Servicing Advance made by the such Servicer from its own funds, from Amounts Held for Future Distribution, provided, however, any funds so applied shall be replaced by such Servicer by deposit in the Collection Account no later than the close of business on the related Remittance Date on which such funds are required to be distributed pursuant to Section 4.01(b); (vii) to pay to the Servicer any unpaid Servicing Fee upon termination of the obligations of the Servicer; (viii) to pay, or to reimburse the such Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viiiix) to reimburse the Master Servicer, the such Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the such Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ixx) to reimburse the Master Servicer, the such Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement as described in Section 2.03 that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xxi) to invest funds in Permitted Investments in accordance with Section 3.12; (xii) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xiii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Master Servicer on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse such Servicer for unreimbursed Advances; and (xixiv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that a Servicer does not timely make the remittance referred to in clause (i) above, such Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (iv), (v)) , (vi), (vii), (viii) and (ix) above. The Each Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-Nc2), Pooling and Servicing Agreement (GS Mortgage Securities Corp GSAMP Trust 2004-Nc2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer, but in each case only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerSponsor, the Depositor or the Responsible Party, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay to the Servicer any unpaid Servicing Fees upon termination of the obligations of the Servicer; (viii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.15; (viiiix) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ixx) to reimburse the Master Servicer, 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 repurchase obligation as described in Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xxi) to withdraw any amounts deposited in the Collection Account in error or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xiii) to invest funds in Permi▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; (xiv) to recover any amounts deposited in error; and (xixv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trustee for the account of the Trustee interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (viiviii), (viiiix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (FFMLT 2006-Ff6), Pooling and Servicing Agreement (FFMLT Trust 2006-Ff3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes purposes, without priority, or as described in Section 4.014.03: (i1) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii2) subject to Section 3.16(d), to reimburse the Servicer for P&I unreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans or REO Properties with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii3) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (Aa) any unpaid Servicing Fees or Fees, (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a MortgagorCollections, or otherwise received with respect to such Mortgage Loan or REO Property and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for Servicing Advances; (iv4) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v5) to pay to the Mortgage Loan Servicer, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi6) (a) to reimburse the Servicer for (A) 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 4.01 4.03 and (Bb) to pay to the Servicer any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Loan; (vii7) to reimburse the Servicer, the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer, the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03; (8) to reimburse the Servicer, the NIMS Insurer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation; (9) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.153.16(b); (viii10) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02withdraw amounts deposited therein in error; (ix11) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including pay itself any expenses arising out of the enforcement of the repurchase obligation, Prepayment Interest Excess (to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorretained); and (xi12) to clear and terminate the Collection Account upon termination of this Agreement. (b) pursuant to Section 9.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii2), (iii3), (v4), (vi5), (vii6), (viii) 8) and (ix9) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, Trust 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 subclauses 3(c) and (a)(vi6) above; provided that an Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect of clause (6) hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Am3), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Am1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds (without reduction for amounts owed to the Depositor or the Trustee as provided for in the definition of "Available Funds") in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇estments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-Nc2), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-Nc2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) The Servicer shall be responsible for reviewing and reconciling all Collection Accounts in accordance with Accepted Servicing Practices. The Servicer shall act to promptly to resolve any discrepancies. The Servicer shall be responsible for all expenses and consequences for failure to reconcile such Collection Accounts.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-Wmc5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-Wmc6)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds (without reduction for amounts owed to the Depositor or the Trustee as provided for in the definition of "Available Funds") in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to inve▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement.; (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) The Servicer shall be responsible for reviewing and reconciling the Collection Account in accordance with Accepted Servicing Practices. The Servicer shall act promptly to resolve any discrepancies.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Indenture Trustee shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to the Master Servicer (A) Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 6.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer's Certificate to the Indenture Trustee which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Indenture Trustee shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Indenture Trustee in trust for the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2003 2), Sale and Servicing Agreement (HFC Revolving Corp Household Home Equity Ln Tr 2003 1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2005-Op2), Pooling and Servicing Agreement (Sabr Trust 2005-Op1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment PeriodPeriod and (C) all income and gain realized from the investment of funds deposited in the Collection Account, for deposit in the Supplemental Float Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances and any previously unpaid late charges, fees and penalties with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as additional servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in Prepayment Interest Excesses to the Collection Accountextent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest fund▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇nvestments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Fr4), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2002-Nc4), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I MRT Ps THR CRT Ser 2003-Nc3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior the related Deposit Date to withdraw the remaining Available Funds and Prepayment Charges, and, in each Remittance Datecase, to remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Securities Administrator for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodPayment Account; (ii) to reimburse the Servicer for P&I any accrued unpaid Servicing Compensation which the Servicer would not have been required to deposit in the Collection Account and for unreimbursed Monthly Advances and Servicing Advances. The Servicer’s right to reimbursement for unpaid Servicing Fees and unreimbursed Servicing Advances shall be limited to late collections on the related Mortgage Loan, but only including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer’s right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the extent of amounts received which represent Late Collections not advanced by the Servicer; (net of vi) to reimburse the Servicer for Nonrecoverable Advances and any unpaid Servicing Fees related to a Mortgage Loan secured by a second lien on the related Servicing FeesMortgaged Property to the extent not recovered pursuant to clause (ii) of Scheduled Payments on Mortgage Loans with respect above; (vii) subject to which such P&I Advances were made by Section 4.15(d), to reimburse the Servicer in accordance with the provisions of Section 4.01 and (B) for any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ unreimbursed Monthly Advances to the extent of funds held in the Collection Account for a future Distribution Date distribution that were not included in Available Funds for the preceding Distribution Date; Payment Date (iii) to pay provided that such amounts must be deposited into the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only Collection Account prior to the extent of any Late Collections or other next Deposit Date on which such amounts as may are to be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or included in Available Funds for the related REO PropertyPayment Date); (ivviii) to pay to the Servicer as servicing compensation (Seller collections received in addition to respect of accrued interest and principal on the Servicing Fee) Mortgage Loans due on each Remittance Date any interest or investment income earned on funds deposited in before the Collection Accountrelated Cut-Off Date; (vix) to pay to the Mortgage Loan SellerServicer, with the Master Servicer, the Securities Administrator or the Indenture Trustee the portion of any Purchase Price in respect to each Mortgage Loan that has previously been repurchased of clause (iv) of the definition thereof or replaced pursuant to this Agreement, all amounts received thereon subsequent of any Substitution Adjustment in respect of clause (d) of the definition thereof to the date extent paid in respect of purchase amounts incurred by or substitutionimposed on the Servicer, the Master Servicer, the Securities Administrator or the Indenture Trustee, as the case may be; (vix) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred by it in connection with any the Mortgage Loan Loans or Notes and reimbursable pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms 5.03 hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon the termination of this Agreement and to pay any amounts remaining therein to the Certificateholders. The parties to this Agreement acknowledge that Servicing Advances shall be reimbursable pursuant to this Section 3.03, and agree that no reimbursement of a Servicing Advance shall be rejected or disallowed by any party unless it has been shown that such Servicing Advance was not made in accordance with the terms of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Servicing Agreement (Renaissance Home Equity Loan Trust 2007-1), Servicing Agreement (Renaissance Home Equity Loan Trust 2007-2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HASCO Trust 2005-Nc2), Pooling and Servicing Agreement (HASCO Trust 2005-Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds (without reduction for amounts owed to the Depositor, the Trustee or the Custodian as provided for in the definition of "Available Funds") in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held Servicer's right for recovery or reimbursement has priority over the Trust as stated in the Collection Account for a future Distribution Date that were not included in definition of "Available Funds for the preceding Distribution DateFunds"); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Sellerapplicable Responsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller any Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust as stated in the definition of "Available Funds"); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to inve▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement.; (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) The Servicer shall be responsible for reviewing and reconciling the Collection Account in accordance with Accepted Servicing Practices. The Servicer shall act promptly to resolve any discrepancies.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-1), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment PeriodPeriod and (C) subject to Section 3.21(c), all income and gain realized from the investment of funds deposited in the Collection Account, for deposit in the Supplemental Float Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date (A) subject to Section 3.21(c), any interest or investment income earned on funds deposited in the Collection AccountAccount or (B) any Prepayment Interest Excesses to the extent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest fund▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇nvestments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Fr2), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Fr3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment PeriodPeriod and (C) all income and gain realized from the investment of funds deposited in the Collection Account, for deposit in the Supplemental Float Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances and any previously unpaid late charges, fees and penalties with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as additional servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in Prepayment Interest Excesses to the Collection Accountextent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement or the Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest fund▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇nvestments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Nc2), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior the related Deposit Date to withdraw the remaining Available Funds and Prepayment Charges, and, in each Remittance Datecase, to remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Securities Administrator for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Servicer for P&I any accrued unpaid Servicing Compensation which the Servicer would not have been required to deposit in the Collection Account and for unreimbursed Monthly Advances and Servicing Advances. The Servicer’s right to reimbursement for unpaid Servicing Fees and unreimbursed Servicing Advances shall be limited to late collections on the related Mortgage Loan, but only including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer’s right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the extent of amounts received which represent Late Collections not advanced by the Servicer; (net of vi) to reimburse the Servicer for Nonrecoverable Advances and any unpaid Servicing Fees related to a Mortgage Loan secured by a second lien on the related Servicing FeesMortgaged Property to the extent not recovered pursuant to clause (ii) of Scheduled Payments on Mortgage Loans with respect above; (vii) subject to which such P&I Advances were made by Section 3.15(d), to reimburse the Servicer in accordance with the provisions of Section 4.01 and (B) for any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ unreimbursed Monthly Advances to the extent of funds held in the Collection Account for a future Distribution Date distribution that were not included in Available Funds for the preceding Distribution Date; Date (iii) to pay provided that such amounts must be deposited into the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only Collection Account prior to the extent of any Late Collections or other next Deposit Date on which such amounts as may are to be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or included in Available Funds for the related REO PropertyDistribution Date); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse pay to the Master Servicer, Seller collections received in respect of accrued interest and principal on the Mortgage Loans due on or before the related Cut-off Date; (ix) to pay to the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (d) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, imposed on the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited reimburse the Servicer for expenses incurred by it in connection with the Collection Account Mortgage Loans or Certificates and reimbursable pursuant to Section 7.03 hereof; (xi) to the extent not previously reimbursed pursuant to this Agreement, to reimburse itself for litigation expenses incurred in errorconnection with performing its servicing duties hereunder, subject to the Servicer’s indemnification obligations under Section 7.06 and approval of the Master Servicer; and (xixii) to clear and terminate the Collection Account upon the termination of this Agreement and to pay any amounts remaining therein to the applicable Class R Certificateholders. The parties to this Agreement acknowledge that Servicing Advances shall be reimbursable pursuant to this Section 3.03, and agree that no reimbursement of a Servicing Advance shall be rejected or disallowed by any party unless it has been shown that such Servicing Advance was not made in accordance with the terms of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer (A) Trust Administrator for deposit into the Master Servicing Fee with respect to such Distribution Date and (B) Account all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Master Servicer, the Trust Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Trustee, the Master Servicer or the TrusteeTrust Administrator, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02this Agreement; (ix) to reimburse the Servicer, the Master Servicer, the Servicer 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp), Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior to (x) the third Business Day preceding each Remittance Distribution Date, to remit withdraw the lesser of the Available Funds then in the Collection Account and an amount equal to the Master Servicer (A) the Master Servicing Fee with respect to Guaranteed Distributions for such Distribution Date and (By) all Available Funds in respect of on the related Distribution Deposit Date together with all amounts representing Prepayment Charges (payable to withdraw the remaining Available Funds, and, in each case, remit such funds to the Class P Certificateholders) from Trustee for deposit to the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer's right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advances; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect of, expenses incurred in connection with any of accrued interest and principal on the Mortgage Loan pursuant to Section 3.15Loans due on or before the related Cut-Off Date; (viii) to reimburse pay to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (d) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, imposed on 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xix) to withdraw any amounts deposited reimburse the Servicer for expenses incurred by it in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 7.03 hereof provided that such amount shall only be withdrawn following the withdrawal from the Collection Account in errorfor deposit into the Distribution Account pursuant to clause (i)(y) above; and (xix) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveapplicable Class R Certificateholders.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Securities Administrator (A) the Master Servicing Securities Administrator Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Securities Administrator, the NIM Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerSecurities Administrator, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Nc1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Indenture Trustee shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to the Master Servicer (A) Insurer, Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 6.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer's Certificate to the Indenture Trustee which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Indenture Trustee shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Indenture Trustee in trust for the Noteholders, the Insurer and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2002 4), Sale and Servicing Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2002-3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer (A) Trust Administrator for deposit into the Master Servicing Fee with respect to such Distribution Date and (B) Account all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Master Servicer, the Swap Administrator, the Trust Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Trustee, the Master Servicer or the TrusteeTrust Administrator, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02this Agreement; (ix) to reimburse the Servicer, the Master Servicer, the Servicer Swap Administrator, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-A), Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 6.03 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (xii) to clear and terminate the Collection terminat▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GSAMP Trust 2004-Nc1), Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2003 Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Custodian the Custodian Fee with respect to such Distribution Date, and the Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but in each case only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerPurchaser or WMC, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and 4.01, including in connection with the modification of a Mortgage Loan where (B1) any unpaid Servicing Fees such Advance is added to the extent not recoverable from Late Collections unpaid principal balance or other amounts received with respect to (2) a portion of the related unpaid principal balance of the Mortgage Loan under Section 3.11(a)(iii)is forgiven; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 6.03 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to invest funds in Permitted Investments in accordance with Section 3.12; (xi) to withdraw any amounts deposited in the Collection Account in error; (xii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed Advances; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GSAMP Trust 2005-Wmc1), Pooling and Servicing Agreement (GSAMP Trust 2005-Wmc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 a repurchase obligation of under Section 2.07 or pursuant to the Mortgage Loan Seller or the Sponsor under this Agreement Responsible Party Agreements, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; anderror or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial by the related Mortgagor's banking institution; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (xii) to clear and terminate the Collection terminat▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trustee for the account of the Trustee interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp MTG Pa THR Cert Ser 2004-Fm1), Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mortga Mort Passthr Certs Ser 2004-Fm2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes purposes, without priority, or as described in Section 4.014.03: (i1) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii2) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii3) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv4) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v5) to pay to the Mortgage Loan Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi6) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii7) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Master Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Master Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) 8) to reimburse the Master Servicer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x9) [reserved]; (10) to withdraw pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any amounts deposited in the Collection Account in errorMortgage Loan pursuant to Section 3.16(b); and (xi11) to clear and terminate the Collection Account upon termination of this Agreement. (b) pursuant to Section 9.01. 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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vivii) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-3), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Securities Administrator (A) the Master Servicing Securities Administrator Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerSecurities Administrator, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm1), Pooling and Servicing Agreement (Bcap LLC)

Withdrawals from the Collection Account. (a) The Master Servicer shall, from time to timetime as provided herein, make withdrawals from the Collection Account maintained by it of amounts on deposit therein pursuant to Section 3.06 that are attributable to the Home Loans for any of the following purposes or as described in Section 4.01:(without duplication): (i) on or prior to each deposit in the Payment Account, by the Master Servicer Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to Interest Remittance Amount and Principal Remittance Amount for such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodPayment Date; (ii) to reimburse the Servicer for P&I Advances, but only extent deposited to the extent Collection Account, to reimburse itself or the related Subservicer for previously unreimbursed Liquidation Expenses, paid pursuant to Section 3.13 or otherwise reimbursable pursuant to the terms of this Servicing Agreement, such withdrawal right being limited to amounts received on particular Home Loans (other than any Repurchase Price in respect thereof) which represent Late Collections (net late recoveries of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to payments for which such P&I Advances advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Datemade, or from related Liquidation Proceeds; (iii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.13, an amount equal to the Servicer or any Subservicer related Master Servicing Fee (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of not retained pursuant to Section 3.06), and to pay to any Late Collections or other amounts as may be collected Subservicer any Subservicing Fees not previously withheld by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property)Subservicer; (iv) to pay to itself or the Servicer as servicing compensation (Seller, with respect to any Home Loan or property acquired in addition respect thereof that has been purchased or otherwise transferred to the Servicing Fee) Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Noteholders as of the date on each Remittance Date any interest which the related Purchase Price or investment income earned on funds deposited in the Collection AccountRepur chase Price is determined; (v) to pay reimburse the Master Servicer or any Subservicer for any Advance of its own funds or any advance of such Subservicer's own funds, the right of the Master Servicer or a Subservicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced reimbursement pursuant to this Agreement, all subclause (v) being limited to amounts received thereon subsequent to on a particular Home Loan (including, for this purpose, the date Repurchase Price therefor, Liquidation Proceeds) which represent late payments or recoveries of purchase the principal of or substitution, as the case may beinterest on such Home Loan respecting which such Advance or advance was made; (vi) to reimburse pay the Master Servicer for or any Subservicer (A) payment to any P&I Advance or Servicing Advance previously made which the Servicer has determined Subservicer to be a Nonrecoverable P&I Advance or Nonrecoverable subject to prior payment to the Master Servicer of an amount equal to the Master Servicing Advance Fee), as appropriate, from Liquidation Proceeds received in accordance connection with the provisions liquidation of Section 4.01 and any Home Loan, the amount which it or such Subservicer would have been entitled to receive under subclause (Bx) any unpaid Servicing Fees of this Subsection 3.07(a) as servicing compensation on account of each defaulted scheduled payment on such Home Loan if paid in a timely manner by the related Mortgagor, but only to the extent not recoverable from Late Collections or other amounts received that the aggregate of Liquidation Proceeds with respect to such Home Loan, after any reimbursement to the Master Servicer or any Subservicer, pursuant to other subclauses of this Subsection 3.07(a), exceeds the outstanding Principal Balance of such Home Loan plus accrued and unpaid interest thereon at the related Mortgage Loan under Section 3.11(a)(iiiRate less the Servicing Fee to but not including the date of payment (in any event, the amount of servicing compensation received by a Subservicer and the Master Servicer with respect to any defaulted scheduled payment shall not exceed the applicable Servicing Fee); (vii) to pay, or to reimburse the Master Servicer or any Subservicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan advances of funds pursuant to Section 3.15Article III, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Home Loan (including, for this purpose, the Repurchase Price therefor, Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viii) to reimburse the Master ServicerServicer or any Subservicer for any Nonrecoverable Advance previously made, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, and not reimbursed pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02this Subsection 3.07(a); (ix) to reimburse deposit in the Master ServicerPayment Account, by the third Business Day prior to each Payment Date, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligationIndenture Trustee Fee and, to the extent not otherwise paid by the Master Servicer pursuant to a separate side letter with the terms hereofOwner Trustee, the Owner Trustee Fee; (x) to withdraw any amounts other amount deposited in the Collection Account that was not required to be deposited therein pursuant to Section 3.06; (xi) to reimburse the Master Servicer for costs associated with the environmental report specified in errorSection 3.11(c); and (xixii) to clear and terminate the Collection Account upon termination of this Agreement. pursuant to Section 7.08. In connection with withdrawals pursuant to clauses (bii), (iii), (iv), (v), (vi), (vii) The and (viii), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Home Loan, and the Master Servicer shall keep and maintain separate accounting, on a Mortgage Home Loan by Mortgage Home Loan basis, for the purpose of justifying any withdrawal from the Collection AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.13 or otherwise reimbursable expenses incurred pursuant to the terms of this Servicing Agreement, but only to the extent held by of collections or other recoveries on behalf the related Home Loan. (b) Notwithstanding the provisions of itthis Section 3.07, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerServicer may, on but is not required to, allow the Subservicers to deduct from amounts received by them or from the related account maintained by a Subservicer, prior to the next succeeding Remittance Date, upon making any withdrawals from deposit in the Collection Account pursuant Account, any portion to subclause which such Subservicers are entitled as servicing compensation (a)(viincluding income on Eligible Investments) aboveor reimbursement of any reimbursable Advances made by such Subservicers.

Appears in 1 contract

Sources: Servicing Agreement (Southern Pacific Secured Assets Corp)

Withdrawals from the Collection Account. (a) The Upon delivery of an Officer's Certificate to the Indenture Trustee, the Master Servicer shall, from time may withdraw funds with respect to time, make withdrawals the relevant Loan Group from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to each Remittance Date, to remit pay to the Master Servicer (A) the Master its Servicing Fee with respect to such Distribution Date and (Bthe extent that it has not been retained pursuant to Section 3.02(b) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSale and Servicing Agreement; (ii) to reimburse the Servicer for P&I Advances, but only pay to the extent of Master Servicer net earnings on amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held deposit in the Collection Account for a future Distribution Date that were not included as provided in Available Funds for the preceding Distribution DateSection 8.01; (iii) to pay from Principal Collections for the Servicer or any Subservicer (A) any unpaid relevant Loan Group the amounts provided for the purchase of Additional Balances pursuant to Section 2.01 of the Sale and Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property);Agreement; and (iv) to pay the premiums for the Loan Insurance Policy or any other amounts due under the Loan Insurance Policy to the Servicer as servicing compensation (in addition Co-Trustee for distribution to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 Insurance Policy Provider in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii6.15(c); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse . If the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited deposits in the Collection Account in error; and (xi) any amount not required to clear and terminate be deposited or any amount representing payments by mortgagors made by checks subsequently returned uncollected, it may at any time withdraw that amount from the Collection Account upon termination delivery of this Agreementan Officer's Certificate to the Indenture Trustee. (b) The Servicer shall keep Upon its receipt of the Officer's Certificate specified in Section 2.01(b)(ii)(I) of the Sale and maintain separate accounting, Servicing Agreement confirming satisfaction of the conditions precedent to subsequent additions in Section 2.01(b) of the Sale and Servicing Agreement on a Subsequent Closing Date, the Indenture Trustee shall withdraw from the Additional Loan Account, release from the lien of this Indenture, and set aside for the benefit of the Depositor for later delivery pursuant to Section 8.02(c) an amount equal to the Cut-off Date Asset Balance in the Transfer Document to purchase for the Trust the Additional Home Equity Loans covered by the Transfer Document. (c) On the date on which the revised Mortgage Loan Schedule reflecting the addition of the Additional Home Equity Loans covered by Mortgage a Transfer Document is delivered to the Indenture Trustee along with an Opinion of Counsel addressed to the Indenture Trustee and the Credit Enhancer to the effect that a court in a bankruptcy context addressing the transfer of the Additional Home Equity Loans would characterize the transfer as a sale rather than as a secured lending and an Opinion Of Counsel addressed to the Indenture Trustee and the Credit Enhancer relating to the perfection of security interest in the Additional Home Equity Loans, the Indenture Trustee shall deliver to the order of the Depositor an amount in cash equal to the actual Cut-off Date Asset Balance of the relevant Additional Home Equity Loans, and to the Master Servicer any earnings on those funds since the relevant Subsequent Closing Date. If after that payment any funds remain from the original set aside with respect to the Transfer Document pursuant to Section 2.01(b) of the Sale and Servicing Agreement and Section 8.02(b), then they shall be returned to the Additional Loan basisAccount. If on the date specified in the Adoption Annex any funds remain in the Indenture Trustee's possession from any set aside under Section 2.01(b) of the Sale and Servicing Agreement and Section 8.02(b), then they shall be returned to the Additional Loan Account. (d) All earnings on funds in the Additional Loan Account and on funds held in a set aside under Section 2.01(b) of the Sale and Servicing Agreement and Section 8.02(b) are for the purpose account of justifying the Master Servicer. The Additional Loan Account and the set asides shall be invested in Eligible Investments. If any withdrawal from funds remain in the Collection AccountAdditional Loan Account on the date specified in the Adoption Annex, to the extent held by or that they represent earnings on behalf the amounts originally deposited into the Additional Loan Account, the Indenture Trustee shall distribute them to the order of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior . The remaining funds shall be transferred to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant and treated as though they were Investor Principal Collections and they shall increase the Scheduled Principal Collections Payment Amount (above the amount calculated without regard to subclause this provision) for purposes of calculating amounts distributable on the following Payment Date. (a)(vie) aboveIf at any time the Depositor becomes aware that the Cut-off Date Asset Balance of Additional Home Equity Loans reflected on any Transfer Document exceeds the actual Cut-off Date Asset Balance of the relevant Additional Home Equity Loans, the Depositor may so notify the Indenture Trustee in writing and the Indenture Trustee shall redeposit into the Additional Loan Account the excess reported to it by the Depositor.

Appears in 1 contract

Sources: Indenture (CWHEQ Revolving Home Equity Loan Asset Backed Notes, Series 2005-F)

Withdrawals from the Collection Account. (a) The Trustee or the Master Servicer, if the Master Servicer shallis then maintaining the Collection Account pursuant to Section 3.2(d), from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or two Business Days prior to each Remittance Distribution Date, to remit deposit the portion of the Available Funds then in the Collection Account to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodAccount; (ii) to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any accrued unpaid Servicing Fees or (B) any and for unreimbursed Monthly Advances and Servicing Advances. The Master Servicer's right to reimbursement for unpaid Servicing Fees and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Master Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections of interest on any Mortgage Loan and to Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer Master Servicer, as servicing compensation (the case may be, interest earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Eligible Investments or investment income earned on funds deposited in the Collection Account; (v) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beappropriate Person; (vi) to reimburse pay the Servicer for (A) any P&I Advance or Servicing Advance previously made which the Servicer has determined Compensation pursuant to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees 3.9 hereof to the extent not recoverable from Late Collections retained or other amounts received with respect paid pursuant to the related Mortgage Loan under Section 3.11(a)(iii3.2(b); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master ServicerServicer for Nonrecoverable Advances that are not, the Servicerwith respect to aggregate Monthly Advances on any single Mortgage Loan or REO, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect excess of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorBalance thereof; and (xiviii) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveClass RU Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Indenture Trustee shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make payments to the Master Servicer (A) Noteholders and the Master Servicing Fee with respect Class A-1 Note Insurer and distributions to such Distribution Date and (B) all Available Funds the Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with extent permitted by Section 6.03 (from the amounts on deposit in the Collection Account in respect to of each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to Group pro-rata based on the date Pool Balance of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related each Mortgage Loan under Section 3.11(a)(iiiGroup); (viiiv) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Mortgage Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer's Certificate to the Indenture Trustee which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Indenture Trustee shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Indenture Trustee in trust for the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Household Mortgage Loan Trust 2003-Hc2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to an Originator, the Mortgage Loan SellerServicer or the Purchaser, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to the applicable Purchase Agreement, the applicable Assignment Agreement or this Agreement, as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may bepurchase; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of an Originator, the Mortgage Loan Seller Servicer or the Sponsor under this Agreement Purchaser, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (xii) to clear and terminate the Collection terminat▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc Trusts 2002 He3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: : (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (xii) to clear and terminate the Collection terminat▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Cap I Inc MRT PSS THR Cert Ser 2002-Nc6)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee and the Credit Risk Manager Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Penalties from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 Collections, Liquidation 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 6.03 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (▇▇▇) ▇▇ clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), ) (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp Mort Pas THR Cert Ser 2002 Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator or the Servicer, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to the Purchase Agreement or this Agreement, respectively, all amounts received thereon subsequent to the date of purchase or substitution, as the case may bepurchase; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Class A-2 Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor under this Agreement Servicer, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (xii) to clear and terminate the Collection terminat▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(via)(vii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2002-Am3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior to each the Servicer Remittance Date, to remit withdraw the Servicer Remittance Amount, Prepayment Charges, Prepayment Charge Payment Amounts and that portion of Liquidation Proceeds or Insurance Proceeds allocated to reimburse the Master Servicer (A) for unreimbursed Master Servicing Fees or Monthly Advances made by the Master Servicing Fee Servicer with respect to thereto, and, in each case, deposit such Distribution Date and (B) all Available Funds funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodCustodial Account; (ii) to reimburse the Servicer for P&I Advances, but only any accrued unpaid Servicing Compensation which the Servicer would not have been required to deposit in the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Collection Account and for unreimbursed Monthly Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances Servicing Advances. The Servicer's right to the extent of funds held in the Collection Account reimbursement for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advances; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Depositor collections received in respect of, expenses incurred in connection with any of accrued interest and principal on the Mortgage Loan pursuant to Section 3.15Loans due on or before the related Cut-Off Date; (viii) to reimburse pay to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, imposed on the Servicer or the Trustee, as the case may be, ; (ix) to reimburse the Servicer for expenses reasonably incurred by it in respect of the breach or defect giving rise to the repurchase obligation of connection with the Mortgage Loan Seller Loans or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid Certificates and reimbursable pursuant to Section 7.03 hereof provided that such amount shall only be withdrawn following the terms hereofwithdrawal from the Collection Account for deposit into the Distribution Account pursuant to clause (i)(y) above; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveapplicable Class R Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 1:00 p.m. (New York City time) on or prior the related Deposit Date to withdraw the remaining Available Funds and Prepayment Charges, and, in each Remittance Datecase, to remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Securities Administrator for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodPayment Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer's right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or repurchase proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 Advances and (B) any unpaid Servicing Fees related to a Mortgage Loan secured by a second lien on the related Mortgaged Property to the extent not recoverable from Late Collections or other amounts received with respect recovered pursuant to the related Mortgage Loan under Section 3.11(a)(iii)clause (ii) above; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect of, expenses incurred in connection with any of accrued interest and principal on the Mortgage Loan pursuant to Section 3.15Loans due on or before the related Cut-Off Date; (viii) to reimburse the Master Servicer, pay to the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Indenture Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (d) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, imposed on the Servicer, the DepositorMaster Servicer, the Securities Administrator or the Indenture Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer or the Trustee, as the case may be, for expenses reasonably incurred by it in respect of the breach or defect giving rise to the repurchase obligation of connection with the Mortgage Loan Seller Loans or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid Notes and reimbursable pursuant to Section 5.03 hereof provided that such amount shall only be withdrawn following the terms hereof; (x) to withdraw any amounts deposited in withdrawal from the Collection Account in errorfor deposit into the Payment Account pursuant to clause (i) above; and (xix) to clear and terminate the Collection Account upon the termination of this Agreement and to pay any amounts remaining therein to the Certificateholders. The parties to this Agreement acknowledge that Servicing Advances shall be reimbursable pursuant to this Section 3.03, and agree that no reimbursement of a Servicing Advance shall be rejected or disallowed by any party unless it has been shown that such Servicing Advance was not made in accordance with the terms of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date (A) any interest or investment income earned on funds deposited in the Collection AccountAccount or (B) any Prepayment Interest Excesses to the extent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ted Investments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SABR LLC Trust 2006-Fr1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 11:00 a.m. (New York City time) on or prior to the Business Day preceding each Remittance Distribution Date, to withdraw the portion of Available Funds then in the Collection Account and remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Trustee for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer's right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections of interest on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advances; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect ofof accrued interest on the Mortgage Loans due before March 1, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.151999; (viii) to reimburse pay to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (b) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, imposed on 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xiix) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveapplicable Class R Certificate holders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee Trustee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but in each case only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerPurchaser or WMC, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 6.03 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to invest funds in Permitted Investments in accordance with Section 3.12; (xi) to withdraw any amounts deposited in the Collection Account in error; (xii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed Advances; (xiii) to reimburse the Servicer for any P&I Advance or Servicing Advance previously 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 and shall reimburse itself after such modification only as otherwise permitted under the other clauses of this Section 3.11(a); (xiv) to pay the Servicer or any Subservicer any unpaid Servicing Fees on a Second Lien Mortgage Loan that has been charged off (A) out of any Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds received on the related First Lien Mortgage Loan that is secured by the same Mortgaged Property, to the extent not recoverable from Late Collections or any other amounts with respect to such Second Lien Mortgage Loan pursuant to clause (iii) above or (B) to the extent not recoverable pursuant to (A) of this clause (xiv), from any amounts on deposit in the Collection Account; and (xixv) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), (xiii) and (ixxiv) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Gsamp Trust 2005-Wmc2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes purposes, without priority, or as described in Section 4.014.03: (i) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Servicer Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Servicer Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Servicer Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Servicer, the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Master Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Master Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ixviii) to reimburse the Master Servicer, the NIMS Insurer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, ; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise paid pursuant to the terms hereofretained); (x) to withdraw pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any amounts deposited in the Collection Account in errorMortgage Loan pursuant to Section 3.16(b); and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (b) pursuant to Section 9.01. 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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrust 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 (a)(vivii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc3)

Withdrawals from the Collection Account. (a) The Each Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Securities Administrator all Available Funds (Awhich solely for purposes of this Section 3.11(a)(i) shall not be net of the Master Servicing Fee with respect to such Distribution Date and (BFee) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the applicable Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the such Servicer or any Subservicer (A) any unpaid Servicing Fees (including such unpaid Servicing Fees as provided in Section 3.15) or (B) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer, but only to the extent of any Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or other amounts as may be collected by the such Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the such Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Purchaser, the applicable Original Loan SellerSeller or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the such Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the such Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by such Servicer pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the such Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the such Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the such Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a “not sufficient funds” or other denial of payment by the related Mortgagor’s banking institution; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Securities Administrator on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; (xii) to invest funds in Permitted Investments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that a Servicer does not timely make the remittance referred to in clause (i) above, such Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Each Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the related Collection Account pursuant to subclause subclauses (a)(vi) and (viii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-S4)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date Date, (B) the Premium Amount with respect to such Distribution Date, for payment to the Class A Certificate Insurer and (BC) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 6.03 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Trustee or the TrusteeClass A Certificate Insurer, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation under Section 2.07 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; and (▇▇▇) ▇▇ clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Administrator shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to the Master Servicer (A) Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 6.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Net Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) shall be accomplished by delivering an Officer's Certificate of the Master Servicer to the Administrator which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Administrator shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Administrator on behalf of the Indenture Trustee in trust for the benefit of the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 1 contract

Sources: Sale and Servicing Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2004-1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Collections, Liquidation 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced purchased pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may bepurchase; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(via)(vii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2001-Am1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer Trustee (Ai) the Master Servicing Trustee Fee with respect to such Distribution Date and (Bii) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Class A-2 Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I MRT Ps THR CRT Ser 2003 Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P CertificateholdersCertficateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, the Purchaser or the Depositor, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to the Responsible Party Agreements or this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under the Responsible Party Agreements or Section 2.07 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; (xiii) to clear and terminate the Collection Account upon termination of this Agreement; and (xiv) on or prior to each Remittance Date, to remit to the Loan Performance Advisor the Loan Performance Advisor Fee with respect to such Distribution Date. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerPurchaser, the Depositor or Responsible Party, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant as permitted under this Agreement pursuant, but not limited, to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02, as applicable; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Master Servicer on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (GSAMP Trust 2005-Ahl2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for (A) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer 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 repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Wf1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) Trustee all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, obligation to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and; (xi) to clear and terminate the Collection Account upon termination of this Agreement; and (xii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances. (b) The Servicer shall keep and maintain separate kee▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇eparate 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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) In connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this agreement (without giving effect to any grace or cure period) the Servicer shall pay to the Trustee for the account of the Trustee interest at the "Prime Rate" in effect from time to time (as published in the "Money Rates" section of The Wall Street Journal on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-Op1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) Trustee for deposit in the Master Servicing Fee with respect to such Distribution Date and (B) Account all Available Funds (which solely for purposes of this Section 3.11(a)(i) shall not be net of the Trustee Fee or the Excess Servicing Fee) in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections payments of principal or interest (net of the related Servicing Fees) of Scheduled Payments on the related Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ or Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds or Unreimbursed Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Datedistribution; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees (other than any Excess Servicing Fee) or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property), and (C) to reimburse the Servicer for Advances made at the time a Mortgage Loan was modified; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing FeeFee or the Litton Servicing Fee (for so long as Litton is the Servicer of th▇ ▇▇▇▇gage Loans)) on each Remittance Date ▇▇▇▇ any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (AIndenture Trustee for deposit in the Payment Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer or Master Servicer, as the case may be, for P&I AdvancesAdvances (including any P&I Advance made with respect to such Mortgage Loan that was made by the Servicer as master servicer under another securitization), but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) subject to Section 3.16(d), to pay the Master Servicer, the Servicer or any Subservicer (A) Sub- Servicer any unpaid Servicing Fees or (B) and reimburse any unreimbursed Servicing Advances (including any servicing fee incurred or any Servicing Advance made with respect to such Mortgage Loan that was made by the Servicer as master servicer under another securitization), with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 the related REO Property)Loan; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.01 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) any P&I Advance or Servicing (including any P&I Advance made with respect to such Mortgage Loan that was made by the Servicer as master servicer under another securitization) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan by or reimbursable to the Servicer pursuant to Section 3.155.03; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase purchase obligation under Section 2.01 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xix) to withdraw pay, or to reimburse the Servicer for advances in respect of, expenses incurred in connection with any amounts deposited in the Collection Account in errorMortgage Loan pursuant to Section 3.16(b); and (xix) to clear and terminate the Collection Account upon a termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above7.

Appears in 1 contract

Sources: Servicing Agreement (Salomon Br Mor Sec Vii Inc Series 1998-11)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees (including such unpaid Servicing Fees as provided in Section 3.15) or (B) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer, but only to the extent of any Late Collections 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a “not sufficient funds” or other denial of payment by the related Mortgagor’s banking institution; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for u▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; (xii) to invest funds in Permitted Investments in accordance with Section 3.12; (xiii) to pay itself any Prepayment Interest Excess (to the extent deposited in the Collection Account by the Servicer); and (xixiv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trustee for the account of the Trustee interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the related Collection Account pursuant to subclause subclauses (a)(vi) and (viii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-S2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer (A) Trust Administrator for deposit into the Master Servicing Fee with respect to such Distribution Date and (B) Account all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Fremont 2005-B Pooling & Servicing Agreement Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Master Servicer, the Trust Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Trustee, the Master Servicer or the TrusteeTrust Administrator, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02this Agreement; (ix) to reimburse the Servicer, the Master Servicer, the Servicer 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior Fremont 2005-B Pooling & Servicing Agreement to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Indenture Trustee shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make distributions and payments to [the Master Servicer (A) Insurer,] Class A Noteholders and the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 6.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Home Equity Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) may be accomplished by delivering an Officer's Certificate to the Indenture Trustee which describes the purpose of such withdrawal (a)(vi) aboveincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer's Certificate, the Indenture Trustee shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Indenture Trustee in trust for the Class A Noteholders[, the Insurer] and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or withdrawn or debited in accordance with this Section.

Appears in 1 contract

Sources: Sale and Servicing Agreement (HFC Revolving Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Securities Administrator for deposit in the Distribution Account, all Available Funds (Awhich solely for purposes of this Section 3.11(a)(i) shall not be net of the Master Servicing Fee with respect to such Distribution Date and (BFee) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but in each case only to the extent of any Late Collections 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 the related REO Property)) or (C) any Prepayment Interest Excess; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) any unreimbursed P&I Advance or Servicing Advance previously made which the Servicer ma▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇vicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay to the Servicer any unpaid Servicing Fee upon termination of the obligations of the Servicer; (viii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viiiix) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section Sections 6.03, Section 7.02, Section 7.02 or 8.05, Section 9.13 or Section 10.02; (ixx) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement as described in Section 2.03 that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xxi) to invest funds in Permitted Investments in accordance with Section 3.12; (xii) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xiii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Master Servicer on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed Advances; and (xixiv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (GSAMP Trust 2007-Fm1)

Withdrawals from the Collection Account. The Administrator shall instruct the Indenture Trustee (abased, in the case of clauses (iii) The Servicer shalland (iv) below, from time on the information contained in the Servicer's Report delivered with respect to time, the applicable Determination Date pursuant to Section 3.07 of the Master Servicing Agreement) to make withdrawals from amounts deposited in the Collection Account maintained by it for any of at the following purposes or as described in Section 4.01times and for the following purposes, and the Indenture Trustee shall comply with such instructions: (i) on or prior from time to time during each Remittance Date, Collection Period to remit to pay the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date Department any Monthly Rebate Fees due and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from Department, to the Mortgage Loans received during extent such Monthly Rebate Fees are not being deducted by the related Prepayment PeriodDepartment out of Special Allowance Payments or Interest Subsidy Payments; (ii) on each Transfer Date after the Funding Period to reimburse the Servicer for P&I Advances, but only pay to the extent of amounts received which represent Late Collections (net Seller, pursuant to Section 2.02 of the related Servicing Fees) of Scheduled Payments on Mortgage Loan Sale Agreement, the Purchase Amount for Additional Student Loans with respect to which such P&I Advances were made purchased by the Servicer in accordance with Eligible Lender Trustee on behalf of the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances Issuer on such date; provided, that, the amount paid to the extent Seller for the purchase of Additional Student Loans on such Transfer Date plus the amount of funds held in remitted for the Collection Account for a future Distribution purchase of Additional Student Loans on each Transfer Date that were not included in Available Funds for since the preceding Distribution Date on any Transfer Date after the Funding Period shall not exceed the Net Principal Cash Flow Amount for such Transfer Date; (iii) on each Interest Payment Date that is not a Distribution Date, to pay make the Servicer or any Subservicer following distributions to the Persons specified below by 11:00 a.m. (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage LoanNew York Time), but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to Monthly Available Funds for such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Interest Payment Date any interest or investment income earned on funds deposited in the Collection Account;, in the following order of priority: (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicing Fee with respect to the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02preceding calendar month and all unpaid Servicing Fees from prior months; (ixB) to reimburse the Master ServicerAdministrator, from the amount of Monthly Available Funds remaining after the application of clause (A), the Servicer Administration Fee with respect to the preceding calendar month and all unpaid Administration Fees from prior months; (C) to the Class A-1 Noteholders and the Class A-2 Noteholders, on a pro rata basis, from the amount of Monthly Available Funds remaining after the application of clauses (A) and (B), the Noteholders' Interest Distribution Amount (based on the ratio of the portion of the Noteholders' Interest Distribution Amount accrued with respect to each such Class to the Noteholders' Interest Distribution Amount); and (D) to the order of the Eligible Lender Trustee, from the amount of Monthly Available Funds remaining after the application of clauses (A) through (C), the Certificateholders' Interest Distribution Amount. (iv) on each Distribution Date, to make the following deposits and distributions to the Persons or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligationaccount specified below by 11:00 a.m. (New York Time), to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited of Available Funds for such Distribution Date in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 in the extent held by or on behalf following order of it, pursuant to subclauses priority: (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)A) to the Master Servicer, on or prior the Servicing Fee with respect to the next succeeding Remittance Datepreceding calendar month and all unpaid Servicing Fees from prior months; (B) to the Administrator, upon making any withdrawals from the amount of Available Funds remaining after the application of clause (A), the Administration Fee with respect to the preceding calendar month and all unpaid Administration Fees from prior months; (C) to the Class A-1 Noteholders and the Class A-2 Noteholders, on a pro rata basis, from the amount of Available Funds remaining after the application of clauses (A) and (B), the Noteholders' Interest Distribution Amount (based on the ratio of the portion of the Noteholders' Interest Distribution Amount accrued with respect to each such Class to the Noteholders' Interest Distribution Amount); (D) to the order of the Eligible Lender Trustee, from the amount of Available Funds remaining after the application of clauses (A) through (C), the Certificateholders' Interest Distribution Amount; (E) to the Class A-1 Noteholders until the Outstanding Amount of the Class A-1 Notes has been reduced to zero and then to the Class A-2 Noteholders, from the amount of Available Funds remaining after the application of clauses (A) through (D), the Noteholders' Principal Distribution Amount; (F) on each Distribution Date on and after the date on which the Notes have been paid in full, to the order of the Eligible Lender Trustee, from the amount of Available Funds remaining after the application of clauses (A) through (E), the Certificateholders' Principal Distribution Amount; and (G) to the Reserve Account, the amount of Available Funds remaining after the application of clauses (A) through (F). Except in the case of amounts distributed pursuant to Sections (iv)(G), amounts properly withdrawn from the Collection Account and distributed pursuant to subclause (a)(vithis Section 2(d) aboveshall be deemed released from the Trust Estate and the security interest therein granted to the Indenture Trustee, and the Persons to whom such amounts are distributed shall in no event be required to refund any such distributed amounts.

Appears in 1 contract

Sources: Administration Agreement (Signet Student Loan Trusts)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Servicer Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) Trustee all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the related Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on the related Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid related Servicing Fees (including such unpaid related Servicing Fees as provided in Section 3.15) or (B) any unreimbursed Servicing Advances with respect to each related Mortgage LoanLoan serviced by the Servicer, but only to the extent of any Late Collections 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 related Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the related Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Purchaser, as applicable, with respect to each related Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and 4.01, (B) any P&I Advance or Servicing Advance previously 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 and shall reimburse itself after such modification only as otherwise permitted under the other clauses of this Section 3.11(a), and (C) any unpaid related Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)) or upon termination of the obligation of the Servicer; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan serviced by the Servicer pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Certificate Insurer or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Certificate Insurer or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a “not sufficient funds” or other denial of payment by the related Mortgagor’s banking institution; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Servicer Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances; (xii) to invest funds in Permitted Investments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Trustee for the account of the Trustee interest on any amount not timely remitted at the prime rate, from and including the applicable Servicer Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause subclauses (a)(vi) and (viii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (FFMLT 2007 FFB-Ss)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes purposes, without priority, or as described in Section 4.014.03: (i) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Servicer, NC Capital or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Master Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Master Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ixviii) to reimburse the Master Servicer, the NIMS Insurer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, ; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise paid pursuant to the terms hereofretained);; (x) to withdraw pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any amounts deposited in the Collection Account in errorMortgage Loan pursuant to Section 3.16(b); and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (b) pursuant to Section 9.01. 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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrust 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 (a)(vivii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2006-Nc1, Mortgage Pass-Through Certificates, Series 2006-Nc1)

Withdrawals from the Collection Account. (a) The Servicer shallmay, from time to time, make make, or cause to be made, withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) to reimburse itself for Servicing Advances made by it; such right to reimbursement pursuant to this subclause (i) is limited to amounts received on or prior to each Remittance Datein respect of a particular Mortgage Loan (including, to remit to the Master Servicer (A) the Master Servicing Fee for this purpose, Liquidation Proceeds and amounts representing Insurance Proceeds with respect to the property subject to the related Mortgage) it being understood, in the case of any such Distribution Date and (B) all Available Funds in respect reimbursement, that the Servicer's or Servicer's right thereto shall be prior to the rights of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSecurityholders; (ii) to reimburse itself from Liquidation Proceeds for Liquidation Expenses and for amounts expended by it pursuant to Section 4.06 in good faith in connection with the Servicer for P&I Advancesrestoration of damaged property and, but only to the extent of amounts received which represent Late Collections (net that Liquidation Proceeds after such reimbursement exceed the unpaid principal balance of the related Mortgage Loan, together with accrued and unpaid interest thereon at the applicable Loan Rate less the applicable Servicing Fees) of Scheduled Payments on Fee Rate for such Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances Loan to the extent Due Date next succeeding the date of funds held its receipt of such Liquidation Proceeds, to pay to itself out of such excess the amount of any unpaid assumption fees, late payment charges or other Mortgagor charges on the related Mortgage Loan and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the Collection Account for a future Distribution Date case of any such reimbursement or payment, that were not included in Available Funds for the preceding Distribution DateServicer's right thereto shall be prior to the rights of the Securityholders; (iii) pay to pay the Servicer Depositor, the Seller or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances the Originator, as applicable, with respect to each Mortgage LoanLoan or REO Property acquired in respect thereof that has been purchased pursuant to this Agreement, but only all amounts received thereon and not distributed on the date on which the related repurchase was effected, and to pay to the applicable Person any Servicing Advances to the extent specified in the definition of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property)Purchase Price; (iv) subject to Section 7.01, to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment itself income earned on the investment of funds deposited in the Collection Account; (v) on each Servicer Remittance Date, to pay make payment to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to Indenture Trustee for deposit into the date Payment Account of purchase or substitution, as the case may beServicer Remittance Amount for the related Payment Date; (vi) to reimburse make payment to itself, the Servicer for Indenture Trustee, the Custodian, the Administrator, the Credit Risk Manager and others pursuant to any provision of this Agreement (A) any P&I Advance including Section 6.03), the Indenture 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Administration Agreement; (vii) to pay, or to reimburse withdraw funds deposited in error in the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15Collection Account; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon pursuant to Article VIII; (ix) to reimburse a successor Servicer (solely in its capacity as successor Servicer), for any fee, expense or advance occasioned by a termination of this Agreement. the Servicer, and the assumption of such duties by the Indenture Trustee or a successor Servicer appointed by the Indenture Trustee pursuant to Section 7.01, in each case to the extent not reimbursed by the terminated Servicer, it being understood, in the case of any such reimbursement or payment, that the right of such successor Servicer or the Indenture Trustee to be reimbursed thereto shall be prior to the rights of the Securityholders. In connection with withdrawals pursuant to subclauses (bi), (ii) and (iv) above, the Servicer's, or such other Person's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan. The Servicer shall therefore keep and maintain a separate accounting, on a accounting for each Mortgage Loan by Mortgage Loan basis, it services for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, Account it maintains pursuant to subclauses such subclause (a)(iii), (iii), (v), (vi), (vii), (viiiii) and (ix) aboveiv). The On each Servicer Remittance Date the Servicer shall provide written notification (as set forth in Section 4.01(d)) withdraw the Servicer Remittance Amount for the related Payment Date and remit such amount to the Master Servicer, on or prior to Indenture Trustee for deposit into the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) abovePayment Account.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Financial Asset Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment PeriodPeriod and (C) subject to Section 3.21(c), all income and gain realized from the investment of funds deposited in the Collection Account, for deposit in the Supplemental Float Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances and any previously unpaid late charges, fees and penalties with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as additional servicing compensation (in addition to the Servicing Fee) on each Remittance Date (A) subject to Section 3.21(c) and Section 4.07, any interest or investment income earned on funds deposited in the Collection AccountAccount or (B) any Prepayment Interest Excesses to the extent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest fund▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇nvestments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3)

Withdrawals from the Collection Account. (a) The Servicer shall, from time Administrator shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or prior to On each Remittance Payment Date, to remit make payments to the Master Servicer (A) Noteholders and distributions to the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds Transferor in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Ownership Interest pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodSection 5.01; (ii) From time to reimburse the Servicer for P&I Advancestime, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer make investments in accordance with the provisions of Section 4.01 Permitted Investments and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Master Servicer as servicing compensation (all income and gain earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Permitted Investments or investment income earned on funds deposited in the Collection Account; (viii) to pay To reimburse the Depositor or the Master Servicer to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beextent permitted by Section 6.03; (viiv) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to To withdraw any amounts funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error; anderror and to pay such funds to the appropriate Person; (xiv) To pay to the party legally entitled by a final order of a court of competent jurisdiction in an insolvency proceeding an amount equal to any preference claim made with respect to amounts paid with respect to the Mortgage Loans; provided that, if any such amount is later determined not to be a preference by such court of competent jurisdiction and is returned to the Master Servicer or any Servicer, such amount shall be redeposited into the Collection Account by the Master Servicer; (vi) to clear and terminate the Collection Account upon the termination of this AgreementAgreement and the Indenture and to pay any amounts remaining therein to the Transferor in respect of the Ownership Interest; and (vii) to reimburse the Master Servicer for Skip-A-Pay Advances to the extent permitted by Section 3.01(f). (b) The If the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from deposits in the Collection AccountAccount any amount not required to be deposited therein or credited thereto or any amount in respect of payments by Mortgagors made by checks subsequently returned for insufficient funds or other reason for non-payment, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making it may at any withdrawals time withdraw such amount from the Collection Account pursuant to subclause Section 3.03(a)(iv), and any such amounts shall not be included in Net Interest Collections and Principal Collections, any provision herein to the contrary notwithstanding. Any withdrawal or debit permitted by Section 3.03(a) shall be accomplished by delivering an Officer’s Certificate of the Master Servicer to the Administrator which describes the purpose of such withdrawal (a)(viincluding, without limitation, that any such amount was deposited in the Collection Account in error or, in the case of returned checks, that such amounts were properly debited, respectively). Upon receipt of any such Officer’s Certificate, the Administrator shall withdraw such amount for the account of the Master Servicer. All funds deposited by the Master Servicer in the Collection Account shall be held by the Administrator on behalf of the Indenture Trustee in trust for the benefit of the Noteholders and the Transferor in respect of the Ownership Interest, until disbursed in accordance with Section 5.01 or Section 5.4(b) aboveof the Indenture or withdrawn or debited in accordance with this Section.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Household Mortgage Loan Trust 2004-Hc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) Trustee all Available Funds (calculated without regard to the reference to the Trustee Fee or the Closing Date Deposit Amount in the definition thereof) in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2004-Op1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for (A) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ unreimbursed P&I Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Wmc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to 12:00 noon, New York City time, on each Remittance Date, to remit to the Master Servicer Trustee (A) all amounts netted from the Master Servicing Fee with respect definition of Available Funds and required to such be paid by the Trustee on the related Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 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 the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party, the Purchaser or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement or the Bill of Sale all amounts received thereon subsequent to the date d▇▇▇ of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Pe▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇nts in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) hereof) to the Master ServicerDepositor and the Certificate Insurer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Cap I Inc Mort Pas THR Certs Ser 2003-Nc9)

Withdrawals from the Collection Account. (a) The Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) before 11:00 a.m. (New York City time) on or prior to the Business Day preceding each Remittance Distribution Date, to withdraw the portion of Available Funds and Prepayment Charges then in the Collection Account and remit such funds to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable Trustee for deposit to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received any accrued unpaid Servicing Compensation which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances would not have been required to the extent of funds held deposit in the Collection Account and for a future Distribution Date that were not included in Available Funds unreimbursed Monthly Advances and Servicing Advances. The Servicer's right to reimbursement for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Servicer's right to reimbursement for unreimbursed Monthly Advances shall be limited to late collections on any Mortgage Loan and to Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date withdraw any interest or investment income earned on funds deposited in the Collection AccountAccount that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person; (v) to pay withdraw funds necessary for the conservation and disposition of REO Property pursuant to Section 3.06 to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to extent not advanced by the date of purchase or substitution, as the case may beServicer; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advances; (vii) to pay, or pay to reimburse the Servicer for Servicing Advances Seller collections received in respect ofof accrued interest on the Mortgage Loans due on or before June 1, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.151999; (viii) to reimburse pay to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee for expenses the portion of any Purchase Price in respect of clause (iv) of the definition thereof or of any Substitution Adjustment in respect of clause (b) of the definition thereof to the extent paid in respect of amounts incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, imposed on 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xiix) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveapplicable Class R Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.014.03: (i) on or prior to each Remittance Date, to remit to the Master Servicer (ATrust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) the Master Servicing Fee with respect or permitted to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable be so remitted pursuant to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Periodfirst sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Subservicer Sub-Servicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections Liquidation 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 and (C) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or the related REO Property)any Sub-Servicer for such Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerServicer, the Depositor or the Sponsor, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.03 all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.03; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Master Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Master Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ixviii) to reimburse the Master Servicer, the Trust Administrator, the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 or Section 2.04 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, ; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise paid pursuant to the terms hereofretained); (x) to pay, or to reimburse the Servicer for advances in respect of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); (xi) to clear and terminate the Collection Account pursuant to Section 9.01; and (xii) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(iiii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee 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 (a)(vivii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Fx1)

Withdrawals from the Collection Account. (a) The Trustee or the Master Servicer, if the Master Servicer shallis then maintaining the Collection Account pursuant to Section 3.2(d), from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or one Business Day prior to each Remittance Distribution Date, to remit deposit to the Master Servicer Distribution Account (Aa) the Master Servicing Fee with respect to Pool 1 Distribution Amount and the Pool 2 Distribution Amount for such Distribution Date and (Bb) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable an amount equal to the Class P Certificateholders) Trustee Fee, in each case to the extent the aggregate of such amounts is available from the Mortgage Loans amounts received during the Collection Period with respect to the related Prepayment Collection Period, and not used to reimburse the Master Servicer for a Monthly Advance; (ii) to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related any accrued unpaid Pool 1 Master Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid , Pool 1 Subservicing Fees, Pool 2 Master Servicing Fees or and Pool 2 Subservicing Fees and for unreimbursed Monthly Advances and Servicing Advances. The Master Servicer's right to reimbursement under this clause (Bii) any for unpaid Pool 1 Master Servicing Fees, Pool 1 Subservicing Fees, Pool 2 Master Servicing Fees and Pool 2 Subservicing Fees and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Master Servicer's right to reimbursement under this clause (or ii) for unreimbursed Monthly Advances shall be limited to collections, Liquidation Proceeds and Insurance Proceeds on the related REO Property)Mortgage Loan; (iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) to pay to the Master Servicer as servicing compensation (interest earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Eligible Investments or investment income earned on funds deposited in the Collection Account; (v) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein (such as Servicing Compensation) or were deposited therein in error and to pay such funds to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may beappropriate Person; (vi) to reimburse pay the Servicer for (A) any P&I Advance or Servicing Advance previously made which the Servicer has determined Compensation pursuant to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees 3.9 hereof to the extent not recoverable from Late Collections retained or other amounts received with respect paid pursuant to the related Mortgage Loan under Section 3.11(a)(iii3.2(b);; 99 106 (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee Servicer for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorNonrecoverable Advances; and (xia) to pay the unpaid Class Principal Balance of the Class A-R Certificate and (b) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveClass A-R Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each the Remittance Date, to remit to the Master Servicer Securities Administrator for deposit in the Distribution Account, all Available Funds (Awhich solely for purposes of this Section 3.11(a)(i) shall not be net of the Master Servicing Fee with respect to such Distribution Date and (BFee) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or Fees, (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but in each case only to the extent of any Late Collections 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 the related REO Property)) or (C) any Prepayment Interest Excess; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) any unreimbursed P&I Advance or Servicing Advance previously made which the Servicer w▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇r has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay to the Servicer any unpaid Servicing Fee upon termination of the obligations of the Servicer; (viii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viiiix) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section Sections 6.03, Section 7.02, Section 7.02 or 8.05, Section 9.13 or Section 10.02; (ixx) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement as described in Section 2.03 that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (xxi) to invest funds in Permitted Investments in accordance with Section 3.12; (xii) to withdraw any amounts deposited in the Collection Account in errorerror or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial of payment by the related Mortgagor's banking institution; (xiii) to withdraw any amounts held in the Collection Account and not required to be remitted to the Master Servicer on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed Advances; and (xixiv) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to in clause (i) above, the Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (GSAMP Trust 2007-Fm2)

Withdrawals from the Collection Account. (a) The Servicer Servicer, or the Trustee at the written request of the Servicer, shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or to deposit into the Certificate Account prior to 12:00 noon, New York time (after having received Delinquency Advances for such period), on each Servicer Remittance Date, to remit to the Master Servicer : (A) with respect to each Group, the Master Servicing Fee related Interest Remittance Amount; and (B) with respect to each Group, an amount with respect to principal (with respect to such Distribution Date Group, the "Principal Remittance Amount") equal to (I) the sum, without duplication, of the amounts described in Section 3.10(a)(i) for such Group, Section 3.10(a)(v) for such Group remaining after prior application thereof to all accrued and unpaid interest on the related Mortgage Loan (B) all Available Funds but not in respect excess of the then-outstanding Loan Balance of the related Distribution Date together with all Mortgage Loan), Section 3.10(a)(vi) for such Group (insofar as such amounts representing Prepayment Charges relate to principal), Section 3.10(a)(vii) for such Group (payable insofar as such amounts relate to the Class P Certificateholdersprincipal) from the Mortgage Loans received during the related Prepayment Period; and Section 3.10(a)(viii) for such Group (ii) insofar as such amounts relate to reimburse the Servicer for P&I Advancesprincipal), but only in each case to the extent of amounts actually received which represent Late Collections (net of in the related Servicing FeesDue Period, minus (II) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer amounts described in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; clause (iii) of this Section 3.11 for such Group (insofar as such amounts relate to pay the Servicer or any Subservicer (Aprincipal) 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 or other amounts as may be collected withdrawn by the Servicer from a Mortgagorthe Collection Account since the prior Servicer Remittance Date (or, or otherwise received with respect to such Mortgage Loan (or in the related REO Propertycase of the first Servicer Remittance Date, since the Closing Date);. (ivii) to pay to the Servicer (x) when collected on the related Mortgage Loan, all recovered and previously unreimbursed Delinquency Advances, Servicing Advances, prepayment penalties and, as servicing compensation (in addition to compensation, the Servicing Fee, (y) on each Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount (net of investment losses) and (z) all amounts in the nature of prepayment or late payment charges, penalty interest, extension fees, modification fees, assumption fees or insufficient-funds charges; (viii) to pay to the Mortgage Loan SellerServicer or Cityscape, as the case may be, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced pursuant to this Agreement, Section 2.06 or Section 3.15(c) all amounts received thereon in any month subsequent to the date month of such purchase or substitution, as the case may be; (viiv) to reimburse the Servicer for (A) any P&I Delinquency Advance or Servicing Advance previously made which that the Servicer has determined to be a Nonrecoverable P&I Delinquency Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)Advance; (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viiiv) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase purchase obligation under Section 2.06 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase purchase obligation, but only to the extent included in the related Purchase Price; (vi) to pay to the Servicer the excess, if any, of any Net Recovery Proceeds over the Loan Balance of the related Mortgage Loan, to the extent not otherwise paid pursuant to any such excess was deposited in the terms hereofCollection Account; (xvii) to withdraw any amounts amount not required to be deposited in the Collection Account in error; andAccount, which amount shall include all interest payments as to which the related Due Date occurs on or prior to the Cut-Off Date; (xiviii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and Section 10.01; (ix) above. The Servicer shall provide written notification (in the event of a prepayment or satisfaction of a Mortgage Loan, to pay the refunds and expenses to which the Mortgagor is entitled as set forth on requests submitted by the Servicer which requests shall be substantially in Section 4.01(d)the form of Exhibit O attached hereto; and (x) to reimburse Cityscape, the Master ServicerDepositor and the Servicer for losses, on or prior liabilities, costs and expenses reimbursable to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account them pursuant to subclause (a)(vi) aboveSection 6.03.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Financial Asset Securities Corp)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each the Remittance Date, to remit to the Master Servicer (A) Trustee the Master Servicing Fee with respect to such Distribution Date Interest Remittance Amount and (B) all Available Funds the Principal Remittance Amount in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Monthly Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a the related Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Unaffiliated Seller, the Servicer or the related Originator, as applicable, with respect to each Mortgage Loan that has previously been repurchased purchased or replaced by the Unaffiliated Seller, the Servicer or such Originator, as applicable, pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer Unaffiliated Seller, the Depositor, the Class A-1 Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase purchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, purchase obligation to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(via)(vii) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Pass THR Cert Ser 2003-He1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on On or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date Interest Remittance Amount and (B) all Available Funds the Principal Remittance Amount in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for unreimbursed P&I Advances, but only to the extent of amounts received which represent rece▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇sent Late Collections (net of the related Servicing FeesFee) of Scheduled Payments on Mortgage Loans that it Services with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer, the Master Servicer or any Subservicer (Aa) any unpaid Servicing Fees Fee or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan that it services, but only to the extent of any Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, or other amounts as may be collected by the Servicer from a the related Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount and any Prepayment Interest Excesses; (v) to pay to the Mortgage Loan SellerUnaffiliated Seller or the related Originator, as applicable, with respect to each Mortgage Loan that it services that has previously been repurchased purchased or replaced by the Unaffiliated Seller or such Originator, as applicable, pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (Aa) 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 4.01 and (Bb) any unpaid Servicing Fees Fee to the extent not recoverable from Late Collections Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); provided, that this clause (b) shall only apply with respect to the Servicing Fee for second lien Mortgage Loans; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Servicer, the Master Servicer, the ServicerDepositor, the DepositorCustodian, the Securities Administrator or the Trustee for expenses and/or indemnities incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Custodian, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Servicer, the Unaffiliated Seller, the Depositor, the Custodian, the Master Servicer, the Servicer 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 repurchase obligation under Section 2.03 of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, obligation to the extent not otherwise paid pursuant to the terms hereof; (x) to invest funds in Permitted Investments in accordance with Section 3.12; (xi) to withdraw any amounts deposited in the Collection Account in error; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement. To the extent that a Servicer does not timely make the remittance referred to in clause (i) above, such Servicer shall pay the Master Servicer for the account of the Master Servicer interest on any amount not timely remitted at the Prime Rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (b) The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the its Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above. (c) The Servicer shall be responsible for reviewing and reconciling the Collection Account in accordance with Accepted Servicing Practices. The Servicer shall act promptly to resolve any discrepancies.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Natixis Real Estate Capital Trust 2007-He2)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in Servicer's right for recovery or reimbursement has priority over the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution DateTrust); (iii) to pay the Servicer or any Subservicer (Aa) any unpaid Servicing Fees or (Bb) any unreimbursed Servicing Advances with respect to each Mortgage LoanLoan serviced by the Servicer or Subservicer, but only to the extent of any Late Collections 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 the related REO Property) (the Servicer's right for recovery or reimbursement has priority over the Trust); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each the Remittance Date any interest or investment income earned on funds deposited in the its Collection Account; (v) to pay to the Mortgage Loan Sellerapplicable Responsible Party or the Depositor, as applicable, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may befurther described herein; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii) (the Servicer's right for recovery or reimbursement has priority over the Trust); (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan serviced by the Servicer pursuant to Section 3.153.15 (the Servicer's right for recovery or reimbursement has priority over the Trust); (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 6.03 (the Servicer's right for recovery or Section 10.02reimbursement has priority over the Trust); (ix) to reimburse the Master Servicer, the Servicer Class A-3b Certificate Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller any Responsible Party or the Sponsor under this Agreement Depositor, as applicable, that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereofhereof (the Servicer's right for recovery or reimbursement has priority over the Trust); (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (xii) to invest funds in Permit▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement.; (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the related Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He9)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Custodian Fee with respect to such Distribution Date and Date, (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received by the Servicer during the related Prepayment PeriodPeriod and (C) all income and gain realized from the investment of funds deposited in the Collection Account, for deposit in the Supplemental Float Account; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances and any previously unpaid late charges, fees and penalties with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as additional servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in Prepayment Interest Excesses to the Collection Accountextent permitted under Section 3.21(b); (v) to pay to the Mortgage Loan Sellerapplicable Person, with respect to each Mortgage Loan that has previously been repurchased or replaced by such Person pursuant to this AgreementAgreement or the Sponsor Representation Letter, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees related to any Second Lien Mortgage Loan to the extent not recoverable from Late Collections Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Second Lien Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator Depositor or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, 7.02 or Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller under this Agreement or the Sponsor under this Agreement Representation Letter that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement; (xii) to withdraw any amounts held in the related Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into such Collection Account, to reimburse such Servicer for unreimbursed P&I Advances; and (xiii) to invest fund▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇nvestments in accordance with 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 (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerTrustee, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm4)

Withdrawals from the Collection Account. (a) The Master --------------------------------------- Servicer shall, from time shall withdraw or cause to time, make withdrawals be withdrawn funds from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01purposes: (i) on or four Business Days prior to each Remittance Distribution Date, to remit to deposit the Master Servicer (A) portion of the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of each Certificate Group then in the related Distribution Date together with all amounts representing Prepayment Charges (payable Collection Account to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment PeriodDistribution Account; (ii) to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any accrued unpaid Master Servicing Fees or (B) any and for unreimbursed Monthly Advances made with its own funds and Servicing Advances. The Master Servicer's right to reimbursement for such unpaid Master Servicing Fees and unreimbursed Servicing Advances with respect shall be limited to each late collections on the related Mortgage Loan, but only to the extent of any Late Collections or including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer from a Mortgagor, the related Mortgagor or otherwise received with respect relating to such the Mortgage Loan in respect of which such reimbursed amounts are owed. The Master Servicer's right to reimbursement for such unreimbursed Monthly Advances shall be limited to late collections of interest on any Mortgage Loan and to Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans; (or iii) to withdraw any amount received from a Mortgagor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the related REO Property)United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction; (iv) subject to Section 5.05 hereof, to make investments in Eligible Investments and to pay to the Master Servicer as servicing compensation (interest earned in addition to the Servicing Fee) on each Remittance Date any interest respect of Eligible Investments or investment income earned on funds deposited in the Collection Account; (va) to withdraw any funds deposited in the Collection Account that were not required to be deposited therein or were deposited therein in error and to pay such funds to the appropriate Person and (b) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to Seller any funds deposited in the date of purchase or substitution, as the case may beCollection Account representing _____________ interest accruals; (vi) to reimburse pay the Master Servicer for (A) any P&I Advance or Servicing Advance previously made which the Servicer has determined servicing compensation it is entitled to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of receive pursuant to Section 4.01 and (B) any unpaid Servicing Fees 3.09 to the extent not recoverable from Late Collections retained or other amounts received with respect paid pursuant to the related Mortgage Loan under Section 3.11(a)(iii3.02(b); (vii) to pay, or to reimburse the Master Servicer for Servicing Advances and Monthly Advances which are determined in good faith to have become Nonrecoverable Advances that are not, with respect of, expenses incurred in connection with to aggregate Servicing Advances on any single Mortgage Loan pursuant to Section 3.15; or REO property, in excess of the Principal Balance thereof (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator foregoing limitation on aggregate Servicing Advances on any single Mortgage Loan or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, REO Property shall not be applicable so long as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer or the Trustee, Designated Subservicer is acting as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in errorSubservicer); and (xiviii) to clear and terminate the Collection Account upon the termination of this Agreement. (b) The Servicer shall keep Agreement and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying to pay any withdrawal from the Collection Account, amounts remaining therein to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) aboveClass R Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Provident Bank)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer 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 repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer Trustee (A) the Master Servicing Trustee Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P CertificateholdersCertficateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date4.01; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerResponsible Party or the Servicer, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, Agreement all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii)4.01; (vii) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator Servicer or the Trustee Depositor for expenses incurred by or reimbursable to the Master Servicer, the Servicer, Servicer or the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller or the Sponsor Responsible Party under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; (xi) to withdraw any amounts held in the Collection Account and not required to be remitted to the Trustee on the Remittance Date occurring in the month in which such amounts are deposited into the Collection Account, to reimburse the Servicer for unreimbursed P&I Advances; (▇▇▇) ▇▇ ▇nvest funds in Permitted Investments in accordance with Section 3.12; and (xixiii) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master ServicerDepositor, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Securitized Asset Backed Rec LLC Trust 2004 Nc1)

Withdrawals from the Collection Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of (A) amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent extend of funds held in the Collection Account for a future Distribution Date distribution that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (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 or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan SellerOriginator, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) 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 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, 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 repurchase obligation of the Mortgage Loan Seller Originator or the Sponsor Purchaser under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (HASCO Trust 2005-Opt1)