COLLECTIONS; INCOME PAYMENTS. (a) All Income, and all rights to Income, of, on, or otherwise with respect to all Purchased Mortgage Loans is the sole and exclusive property of Buyer as the owner thereof, pending repurchase on the related Purchased Date. Notwithstanding the foregoing, and provided no Default has occurred and is continuing, Buyer agrees that Seller shall be entitled to receive, solely from such Income, an amount equal to all Income received in respect of the Purchased Assets; provided, however, that any Income received by or on behalf of Seller while the related Transaction is outstanding shall be deemed held by Seller solely in trust for Buyer pending the repurchase on the related Repurchase Date.
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
COLLECTIONS; INCOME PAYMENTS. Section 5 of the Existing Repurchase Agreement is hereby amended by adding the following new subsection at the end thereof:
COLLECTIONS; INCOME PAYMENTS. (a) Where a particular Transaction’s term extends over an Income payment date with respect to one or more Purchased Mortgage Loans subject to such Transaction, all such Income shall be the property of Buyer. Seller shall or shall cause the Master Servicer to deposit all Income within [***] following receipt (including, without limitation, receipt by any Subservicer) thereof (including, without limitation, all such Income that is required to be deposited therein pursuant to the applicable provisions of the Account Agreement) into a deposit account (the title of which shall indicate that the funds therein are being held in trust for Buyer) (the “Collection Account”) with the Bank and which is subject to the Account Agreement; provided that, if Seller or any Affiliate of Seller receives any direct payment of Income or if any Income is forwarded to Seller or any Affiliate of Seller, Seller or its Affiliate shall deposit all such Income into the Collection Account within twenty-four hours of receipt. Neither Seller nor Master Servicer may give any instruction with respect to the Collection Account. On the Payment Date, the Master Servicer shall prepare a detailed payment report in form and substance acceptable to Buyer, which sets forth a reconciliation of all Income received through but not including such Payment Date (excluding Income detailed in any such report provided in connection with a prior Payment Date), and the amount of Periodic Advance Repurchase Payment due on the Purchased Mortgage Loans and, based on such report as approved by Buyer, Buyer shall withdraw any funds on deposit in the Collection Account and remit such funds to be applied as follows:
COLLECTIONS; INCOME PAYMENTS. 28 SECTION 6.
COLLECTIONS; INCOME PAYMENTS. (a) Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Collection Account”) with a financial institution reasonably satisfactory to Buyer, which shall be subject to a Control Agreement, and shall deposit, or cause Servicer to deposit, into the Collection Account, on the Servicer Remittance Date, all Income (other than reserve payments and any servicing fees, expenses or other amounts due to the Servicer pursuant to the terms of the Servicing Agreement) received with respect to each Purchased Asset subject to a Transaction. Under no circumstances shall Seller deposit any of its own funds into the Collection Account. Seller shall name the Collection Account as directed by Xxxxx.
COLLECTIONS; INCOME PAYMENTS. (a) All Income from the Purchased Assets shall be the property of Buyer and shall be credited directly to Buyer; provided that, if Seller or any Affiliate of Seller receives any direct payment of Income or if any Income is forwarded to Seller or any Affiliate of Seller, Seller or its Affiliate shall remit all Income to Buyer within twenty-four hours of receipt. On each Payment Date, Buyer shall remit all funds received by Buyer since the immediately preceding Payment Date in the manner set forth below: (1) any amounts due to Buyer on account of due and unpaid Price Differential in accordance with Section 5(b) of this Agreement; (2) any amounts due to Buyer on account of a Margin Deficit in accordance with Section 4; (3) all amounts offset and applied by Buyer pursuant to Section 5(e) of this Agreement; (4) with respect to any Principal Proceeds received, any amounts required to reduce the Repurchase Price of the Purchased Asset in respect of which such Principal Proceeds have been received until the Repurchase Price of such Purchased Asset has been reduced to zero; provided, that, in each case, each such application of Principal Proceeds shall comply with the Bond Ratio Requirement; (5) any other Expenses, fees, including Facility Fees, or amounts due Buyer under the this Agreement;
COLLECTIONS; INCOME PAYMENTS. (a) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC, in trust for and for the benefit of UBS Real Estate Securities Inc.”
COLLECTIONS; INCOME PAYMENTS. Section 5 of the Existing Repurchase Agreement is hereby amended by deleting clause (b)(i) in its entirety and replacing it with the following:
COLLECTIONS; INCOME PAYMENTS. (a) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all applicable Subservicers to remit all Income received by them with respect to each such Mortgage Loan directly to the Custodial Account on the remittance date specified in the related servicing agreement (but in no event less frequently than monthly). Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “M/I Financial LLC, in trust for and for the benefit of Sterling National Bank.”
